The objectives of financial reporting include helping users to assess future cash flows

Group of answer choices

True

False

2)The elements of financial statements include the characteristics of relevance and reliability

Group of answer choices

True

False

3) Consistency means that a company uses the same accounting principles and methods from year to year

Group of answer choices

True

False

4) The going concern assumption assumes that the business will continue in operation long enough to carry out its existing objectives

Group of answer choices

True

False

5) The full disclosure principle dictates that circumstances and events that make a difference to financial statement users be disclosed

Group of answer choices

True

False

6) An expense paid with cash would result in an equal decrease in liabilities and stockholders' equity

True

False

7) Firms that conduct their operations in more than one country through subsidiaries or branches in foreign countries are referred to as multinational corporations

Group of answer choices

True

False