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Questions and Answers
Accounting is the process of identifying, measuring, and communicating financial information about an economic entity.
Accounting is the process of identifying, measuring, and communicating financial information about an economic entity.
True (A)
There are two major types of accounting: financial accounting and managerial accounting.
There are two major types of accounting: financial accounting and managerial accounting.
False (B)
The three primary financial statements are the income statement, balance sheet, and statement of cash flows.
The three primary financial statements are the income statement, balance sheet, and statement of cash flows.
True (A)
Financial statement users make decisions based on the information contained in the financial statements.
Financial statement users make decisions based on the information contained in the financial statements.
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Generally accepted accounting principles (GAAP) are determined by the Financial Accounting Standards Board (FASB).
Generally accepted accounting principles (GAAP) are determined by the Financial Accounting Standards Board (FASB).
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