People with an indirect interest in a business would use report based on GAAP. TRUE or FALSE?
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People with an indirect interest in a business would use report based on GAAP. TRUE or FALSE?
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- Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principleThat a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumptionShareholders are external user of accounting information . The answer is true or false
- When a merchandising business is compared to a service business, the financialstatement thatis notaffected by that change is the Statement of Owner'sEquity. True or False?Identify the following questions as most likely to be asked by an internal (I) or an external (E) userof accounting information. Which firm reports the highest sales and income?Which of the following is not an external user of a business’s financial information? a. Taxing authorities b. Customers c. Employees d. Investors
- Which of the following is not an external user of a business’s financial information? Taxing authorities Customers Employees Investorshow will a change from cash basis accounting to accural basis accounting positively and negatively affect the business reporting?Which principle or concept states that businesses should use the same accounting methods and procedures from period to period? Disclosure Conservatism Consistency Materiality
- Do not copy from bartleby Which of the following is not an external user of a business’s financial information? Taxing authorities Customers Employees InvestorsDefine Accounting and its importance in the field of business.Define owner’s equity and how it is affected by investment, expenses, revenue and drawing? Define double entry system?Which principle or concept states that businesses should use the same accounting methods and procedures from period to period? a. Disclosure b. Conservatism c. Consistency d. Materiality