Financial Accounting is useful to potential investors and creditors in making rational investment True False Managerial accounting reports are referred to as the basic financial statements. They are prepared at the end of each period and they cannot be published until they had been audited by internal auditors True False Gross profit is reported on both a multiple- step and a single-step income statement True False Making rent payments in advance is an example of an accrued liability transaction True False The account Rent Receivable has a balance whereby credits normally exceed debits True False