true or false overview of accounting

PROBLEMS PROBLEM 1: TRUE OR FALSE 1. All events and transactions of an entity are recognized the books of accounts. 2. The accounting process of assigning numbers, commonly in monetary terms, to the economic transactions and events is referred to as classifying. 3. The basic purpose of accounting is to provide information about economic activities intended to be useful in making economic decisions. 4. Financial accounting is the branch of accounting that focuses on general purpose reports of financial position and operating results known as the financial statements. 5. General purpose financial statements are those statements that cater to the common and specific needs of a wide range of external users. 6. The financial statements are the only source of information when making economic decisions. 7. All information presented in the financial statements are sourced from the accounting records of the entity. 8. Entity A's accounting period starts on July 1 and ends on June 30 of the following year. Entity A uses a fiscal year period. 9. Once promulgated, accounting standards are never changed. 10. The entity's management is responsible for the selection of appropriate accounting policies, not the accountant