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Gross decrease in economic benefits for the business are what ?
A. Creditors
B. Expenses
C. Obligations
D. Income or gainAn asset must be _____ by the business to be shown as an asset in its “balance sheet” ?
A. Owned
B. Used
C. Possessed
D. ControlledLiability are arisen from which of the following events ?
A. Past event
B. Future event
C. Present event
D. None of theseWhich is the most important characteristic that all assets of a business have ?
A. Value of assets
B. Intangible nature of assets
C. Future economic benefits
D. Long life of assets_____ is the first phase of accounting cycle ?
A. Posting entries to ledger accounts
B. Making decisions about business
C. Preparing journals
D. Identifying an economic event or transactionWhich of the following is the internal user of financial statements ?
A. Manager of the business
B. Shareholder of the business
C. Creditor of the business
D. Government agencyWhich of the following is the external user of financial statements ?
A. CEO of the business
B. Controller of the business
C. Manager of the business
D. Creditor of the businessAuditing is what ?
A. Preparation financial statements
B. maintaining the ledger records
C. Reporting the financial information
D. Examination of financial statementsKeeping the log of financial information in books of original entries is called ____ ?
A. Grouping
B. Processing
C. Recording
D. summarizingFinancial accounting provides financial information to all of the following external users except ______?
A. Creditors
B. Managers
C. Government agencies
D. investors