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just answer if its T or F QUESTION 2 TRUE-FALSE [15] 1. An example of an internal user of accounting information is the government. 2.
just answer if its T or F
QUESTION 2 TRUE-FALSE [15] 1. An example of an internal user of accounting information is the government. 2. A corporation is a business that is legally separate and distinct from its owners. 3. The role of accounting is to provide many different users with financial information to make economic decisions. 4. Proprietorships are owned by one owner and provide only services to their customers. 5. The primary role of accounting is to determine the amount of taxes a business will be required to pay to taxing entities. 6. Managerial accounting information is used by external and internal users equally 7. The unit of measurement concept requires that economic data be recorded in a common unit of measurement. 8. Generally accepted accounting principles regulate how and what financial information is reported by businesses. 9. If the liabilities owed by a business total $300,000 and owners equity is equal to $300,000, then the assets also total $300,000. 10. Revenue is earned only when money is received. 11. The excess of revenue over the expenses incurred in earning the revenue is called capital. 12. statement of owner's equity reports the changes in the owner's equity for a period of time. 13. The statement of cash flows consists of three sections: cash flows from operating activities, cash flows from income activities, and cash flows from equity activities 14. The balance sheet represents the accounting equation. 15. The financial statements of a proprietorship should include the owner's personal assets and liabilitiesStep by Step Solution
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