Answered: Multiple choice: 1. Which of the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 2EB: Identify the following as true or false: Financial accounting reports are not released to external...

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Multiple choice: 1. Which of the following statements is incorrect? A. Accounting education is the branch of accounting that deals with the teaching of accounting and related subjects in order to produce competent and responsible business professionals. B.. Erroneous financial statements can lead to bad financial decisions. C. Internal users of financial information refer to the entity’s management personnel. D. Tax accounting refers to the branch of accounting that deals with tax computations, filing of tax returns, and tax planning. 2. Transactions and other events are recorded in the periods in which they occur, not when they affect cash. A. Going concern B. Accrual basis C. Reporting period D. Consistency 2. Under this concept, a business is not expected to end its operations in the near term. A. Separate entity concept B. Going concern C. Stable monetary unit D. Materiality

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