The accounting profession has adopted a set of generally accepted accounting principles (GAAP). Key goal of these principles is to: create a fair distribution of corporate income among various stakeholders. ensure that the firm's value is fairly assessed and that its taxes are fair but not excessive. provide external stakeholders with relevant and reliable information about a firm's financial condition. provide the company's managers with access to sensitive proprietary financial information while preventing competitors from obtaining this information. The executive summary of a business plan is the most important part. It is written after the rest of the business plan is completed and it provides an overview of the plan. True False One of the benefits of a C-Corporation model of business is the ease of transfer of ownership. This occurs when: the economy is growing employees receive their paychecks. common stock is traded on an exchange. the bank lends the firm money. Small business start-ups are likely to find that getting commercial loans is: hard to do, because commercial lenders are reluctant to make loans to firms that don't have an established record of successful performance. one of the easiest and most flexible sources of financing, because local bankers are usually eager to establish relationships with new companies. fairly easy, but usually entails much higher financing costs than other sources. the best way to obtain 100 percent of the financing they need, but only if they give the lender an ownership stake in the company Which of the following represents assets on a balance sheet with a limited useful life that are subject to subtraction of accumulated depreciation from the original value? Debts Revenue Equipment Owner's equity