The accounting process begins with: A. Summarizing the recorded effect of business transactions. B. Preparing financial statements and other reports. C. Presentation of financial information to decision-makers. D. Analysis of business transactions and source documents. E. Preparation of the trial balance. The rule that requires recognition of cash or cash equivalent value of any noncash assets received from customers in exchange for goods or services provided is called the: A. Revenue recognition principle. B. Going-concern assumption. C. Objectivity principle. D. Business entity assumption. E. Cost principle. The accounting concept that requires every business to be accounted for separately from other organizations, including its owner or owners is known as the: A. Going-concern assumption. B. Time-period assumption. C. Cost principle. D. Revenue recognition principle. E. Business entity assumption. The area of accounting aimed at serving the decision making needs of internal users is: A. Managerial accounting. B. SEC reporting. C. External auditing. D. Bookkeeping. E. Financial accounting. All of the following are true regarding ethics except: A. Ethics do not affect the operations or outcome of a company. B. Ethics can be difficult to apply. C. Are critical in accounting. D. Ethics rules are often set for CPAs. E. Ethics are beliefs that separate right from wrong