MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 1) The primary objective of financial accounting is to: A) Serve the decision-making needs of internal users. B) Provide accounting information that serves external users. C) Monitor consumer needs, tastes, and price concerns. D) Provide information on both the costs and benefits of looking after products and services. E) Know what, when, and how much product to produce. 2) Which of the following accounts is not included in the asset section of the balance sheet? A) Buildings. 3) B) Wages expense. C) Supplies. D) Land. E) Furniture. Which of the following accounts is not included in the liabilities section of the balance sheet? A) Accounts receivable. B) Wages payable. C) Accounts payable. D) Notes payable. E) Taxes payable. 4) The revenue recognition principle: A) Prescribes that accounting information is based on actual cost. B) Provides guidance on when a company must recognize revenue. C) Prescribes that a company report the details behind financial statements that would impact users' decisions. D) Prescribes that a company record the expenses it incurred to generate the revenue reported. E) Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.