State with reasons, whether the following statement correct (or) incorrect. (a) Capital + long term liabilities = fixed assets + current assets + cash-current liabilities. (b) Transactions and events are guided by GAAP subject to laws of land. (c) Accounting can be viewed as an information system which has its input processing methods and outputs (d) Accounting involves communication (e) Prudence is a concept to recognize unrealized profits and not losses. (f) Accrual concepts implies accounting on cash basis. (g) Accounting principles is general rule followed in preparation of financial statement. (h) Patent right is in the nature of nominal account (1) Sale of office furniture should be credited to sales account (1) Outstanding expenditure is a nominal account.
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3.1Which of the following terms is used when ... accounting principles ( GAAP) in the United States is which of the following? ... Assets exceed liabilities by $100,000.
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