chapter1b - Chapter 1b 1. Communication consists of keeping...

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Chapter 1b 1. Communication consists of keeping a systematic, chronological diary of events, measured in dollars and cents. A. True B. False 2. Financial accounting provides internal reports to help users make decisions about their companies. A. True B. False 3. The first step in analyzing ethics cases is to recognize an ethical situation and the ethical issues involved. A. True B. False 4. The cost principle dictates that companies record assets at their cost. A. True B. False 5. The economic entity assumption applies to corporations but not proprietorships or partnerships. A. True B. False 6. Expenses are decreases in stockholders' equity that result from operating the business. A. True B. False 7. The receipt of cash on account will increase total assets. A. True B. False 8. A balance sheet is prepared as of a specific date. A. True B. False 9. The statement of cash flows provides information on the cash receipts and payments for a specific period of time. A.
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chapter1b - Chapter 1b 1. Communication consists of keeping...

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