True- false questions 1- Accounting is an information and measurement system that identifies records


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True- false questions 1- Accounting is an information and measurement system that identifies records 1 answer below » True- false questions 1- Accounting is an information and measurement system that identifies records and communicates financial information to users. : 2- The primary objective of financial accounting is to provide general-purpose financial statements to help external users analyze and interpret an organization’s activities. : 3- Unlimited liability is an advantage of all sole proprietorships. : 4- Understanding generally accepted accounting principles is not necessary when using and interpreting financial statements. : 5- According to the cost principle, it is preferable for managers to View complete question » True- false questions 1- Accounting is an information and measurement system that identifies records and communicates financial information to users. : 2- The primary objective of financial accounting is to provide general-purpose financial statements to help external users analyze and interpret an organization’s activities. : 3- Unlimited liability is an advantage of all sole proprietorships. : 4- Understanding generally accepted accounting principles is not necessary when using and interpreting financial statements. : 5- According to the cost principle, it is preferable for managers to report the most current estimate of an asset’s value. : 6- The International Accounting Standards Board (IASB) issues International Financial Reporting Standards (IFRS) that identify preferred accounting practices. : 7- The accounting equation can be restated as: Assets – Equity = Liabilities. : . 8- The journal is known as the book of final entry because financial statements are prepared from it. : 9- Transactions are first recorded in the ledger. : 10- Posting is the transfer of the information from each journal entry to the ledger. : View less » Feb 04 2016 11:08 AM

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