true or false accounting nd some jazz

The Full Disclosure accounting concept is applied when a company always prepares financial statements at the end of each monthly fiscal period. (p. 190)

• True

• False

Internal users of accounting information include company managers, officers, and creditors. (p. 190)

• True

• False

The statement of owner’s equity reports changes in the capital account for a period of time. (p. 190).

• True

• False

Information needed to prepare a statement of owner’s equity is obtained from the balance sheet. (p. 190).

• True

• False

When a business has a net loss, the current capital amount will be less than the capital account balance. (p. 192)

• True

• False

On the balance sheet, the current capital amount is taken from the work sheet. (p. 192)

• True

• False

An income statement reports information on a specific date indicating the financial condition of a business. (p. 192)

• True

• False

The Matching Expenses with Revenue accounting concept is applied when the revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period. (p. 192)

• True

• False

Information needed to prepare an income statement comes from the Account Title column and the Income Statement columns of a work sheet. (p. 192)

• True

• False

The income statement for a service business has five sections: heading, Revenue, Expenses, Net Income or Net Loss, and Capital. (p. 192)

• True

• False