Decide whether each of the following statements is true or false. 1. The receipt of cash or payment of cash must be present for a business transaction to occur. 2. Accounting and bookkeeping are identical. 3. A check is not evidence of a business transaction because it shows only that cash was paid; it is not evidence of the reason for the payment. 4. Financial accounting is primarily concerned with external users. 5. Managerial accounting is primarily concerned with internal users. 6. The five classifications of accounts are assets, liabilities, equity, revenue, and expenses. 7. The accounting equation can also be viewed as a financial equation. 8. The FASB is a hospitality trade association. 9. A building that cost $60,000 is now appraised for $85,000. The appraised value will appear on the financial statements. 10. The concept of materiality is difficult to quantify because an amount that is significant for one company may not be material for another company