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

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

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

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

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

Accounting encompasses bookkeeping

The original owners of a corporation are called partners

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

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

Accrued income are income earned but not yet received

Income and expense are otherwise known as real accounts

A decrease in adset may result to a decrease in liability

All increases in assets and expenses accounts are debits

An increase in asset may result in decrease in liability

An increase in revenue may be accompanied by an increase in cash

Which are the following is not an example of an asset?

Which of the following is not an example of liability?

Select the correct statement

Equity is also known as all of the ff. Except

This type pf business provides services to customers and charges fees in exchange

What is the minimum of individual required to establish a partnership?

Which of the ff. Is not a user of financial information

Which of the ff. is not an internal users

Which of the ff. is not an external users

A payment of accounts payable would produce the ff. effects. Except

A prepayment of rent expense will have what effect on total assets

This asset account refers to claims againat a customer for goods delivered byt not yet been paid