Question 24 of 30

Which of the following statements are false?

(There are multiple false statements and you must select only those that are false in order to get full credit for the question.)

An example of an internal user of accounting information is the federal government.

The chart of accounts should be the same for all businesses.

Net income and net profit do not mean the same thing.

A prepaid account is an expense account.

Consuming goods and services in the process of generating revenues results in expenses.