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Things the company own and it has economic value.
Assets
Account payable is an example of liabilities
True
Cash is credit in nature
False
The first activity in accounting is to record the business transaction.
False
Financial accounting language is used with internal users.
False
Which standard the company need to follow to report taxation to government?
IRC
Investors is an example of external users
True
Accounting department responsible to take decisions about investments.
False
GAAP must be follow in managerial accounting
False
You must show a high profit to the government
False
You need to be accurate with the investors
False
All the transactions must be recorded in the company's bookkeeping
False
