Question

Exercise 1-1: True or False. Write T if the statement is true and F if the statement is false.

1. Accounting is the process of identifying, measuring, recording, and communicating economic information about an organization or other entity, in order to permit informed judgments by users of the information

2. Accounting only involves the process of identification and recording

3. Statement of Financial Position contains information about revenues and expenses earned and incurred by the business

4. Statement of Financial Position (SFP) contains information about assets, liabilities, and the owner's equity. 5. Statement of Cash Flows (SCF) contains information
only about transactions with the owner.

6. Statement of Changes in Equity (SCE) contains information about transactions with the owner.

7. The date of the SFP and SCF are similar.

8. The date of the SCF and SCE are similar.

9. Fundamental qualitative characteristics make the information useful.

10. Enhancing qualitative characteristics make the information useful, in themselves.​

Answer 1

Answer:

a. true

b. false

c. false

d. true

e. false

f. true

g. true

h. true

I. false

Explanation:

I hope it will help you

Answer 2

TRUE,FALSE,TRUE,TRUE,FALSE,TRUE,FALSE,FALSE,TRUE and TRUE.

1. Accounting is the process of identifying, measuring, recording, and communicating economic information about an organization or other entity, to permit informed judgments by users of the information. This is a true statement and it marks the definition of accounting.
2. Accounting only involves the process of identification and recording. This is an incomplete statement and false statement.
3. Statement of Financial Position contains information about revenues and expenses earned and incurred by the business. SFP includes the Income and expenses account. Therefore, it is a true statement.
4. Statement of Financial Position (SFP) contains information about assets, liabilities, and the owner's equity. The Balance sheet includes the mentioned information. Therefore, this statement is also true.
5. Statement of Cash Flows (SCF) contains information only about transactions with the owner. This statement is false as Cash Flow Statement records all the cash transactions of the business.
6. Statement of Changes in Equity (SCE) contains information about transactions with the owner. This is a true statement.
7. The date of the SFP and SCF are similar. This statement is False.
8. The date of the SCF and SCE are similar. This is a false statement.
9. Fundamental qualitative characteristics make the information useful. This is a true statement.
10. Enhancing qualitative characteristics make the information useful, in itself.​ This is also a true statement.

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