actng

Under going concern, in the absence of evidence to the contrary, the accounting entity is viewed as continuing in operation definitely

• True

• False

• .

Under this matching principle, the business is treated as a separate entity from that of its owners, managers and employees who constitute the firm

• True

• False

The monetary unit assumption requires entities to include in their accounting records only transaction data that can be measured in terms of money

• True

• False

Accounting communicates financial information about a business to both internal and external users

• True

• False

Owners of business firms are the only people who need accounting information

• True

• False

The hiring of a new company presideny is an economic event recorded by the accounting system

• True

• False

Accounting encompasses bookkeeping

• True

• False

The original owners of a corporation are called partners

• True

• False

Equity arises from the residual interest in the company's assets after deducting all liabilities

• True

• False

If a company purchased a land for 1,000,000 two years ago and the same land can be sold 1,200,000 today, then it must be measured at 1,200,000

• True

• False