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II. True/False Questions (2 points each, 20points) 1. Accounting is a mechanism that collects and also procedures financial information around an company and reports that information to decision equipments. 2. In bookkeeping and also reporting for a business entity, the audit and reporting for the service must be preserved sepaprice from other economic affairs of its owners. 3. The bookkeeping period in which company revenue is recognized (i.e., revenue for solutions rendered) is mostly the duration in which the cash is collected. 4. The payment of a cash dividend to stockholders rises stockholders’ equity. 5. The financial statement that shows an entity’s economic resources and also its liabilities is the statement of cash flows. 6. Companies prepare financial statements at the finish of every year and also even more often as required. 7. One of the benefits of a corporation once compared to a partnership is the restricted licapacity of the owners 8. A current licapacity is always a short-term obligation expected to be paid within one year of the balance sheet day. 9. Deferred revenue will certainly appear on the earnings statement. 10. Repayments of financial institution loans should be charged to notes payable and attributed to cash. Show transcribed picture text II. True/False Questions (2 points each, 20points) 1. Accounting is a mechanism that collects and processes financial information around an company and reports that information to decision equipments. 2. In audit and also reporting for a service entity, the audit and reporting for the organization need to be preserved separate from various other economic affairs of its owners. 3. The audit duration in which organization revenue is well-known (i.e., revenue for services rendered) is mainly the period in which the cash is gathered. 4. The payment of a cash dividfinish to stockholders increases stockholders’ equity. 5. The financial statement that reflects an entity’s financial resources and its liabilities is the statement of cash flows. 6. Companies prepare financial statements at the finish of each year and more frequently as required. 7. One of the benefits of a corporation when compared to a partnership is the restricted licapacity of the owners 8. A current liability is always a short-term obligation meant to be passist within one year of the balance sheet date. 9. Deferred revenue will show up on the income statement. 10. Repayments of bank loans need to be charged to notes payable and attributed to cash.

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