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Test Bank for Accounting, 29th Edition by Carl Warren

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Test Bank for Accounting, 29th Edition by Carl Warren Indicate whether the statement is true or false. 1. An account receivable is a claim against a customer resulting from a sale on account.... a. True b. False 2. An example of an external user of accounting information is the federal government. a. True b. False 3. A corporation is a business that is legally separate and distinct from its owners. a. True b. False 4. The role of accounting is to provide many different users with financial information to make economic decisions. a. True b. False 5. The main objective for all businesses is to maximize unrealized profits. a. True b. False 6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to management. a. True b. False 7. Assets that are used up during the process of earning revenue are called expenses. a. True b. False 8. Withdrawals paid to owners decrease assets and increase equity. a. True b. False 9. An example of a general-purpose financial statement would be a report about projected price increases related to transportation costs. a. True b. False 10. No significant differences exist between the accounting standards issued by the FASB and the IASB. a. True b. False Page 1 C [Show More]

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