Introduction to Accounting and Business

True or False

The main objective of a not-for-profit business is not to make profit.

True or False

A corporation is a business that is legally separate and distinct from its owners.

True or False

The role of accounting is to provide many different users with financial information to make economic decisions.

True or False

An account receivable is typically classified as a revenue.

True or False

The cost concept is the basis for entering the exchange price into the accounting records.

True or False

The cost concept is the basis for entering the exchange price into the accounting records.

True or False

The owner's rights to the assets rank ahead of the creditors' right to the assets.

True or False

Paying an account payable increases liabilities and decreases assets.

True or False

Receiving payments on an account receivable increases both equity and assets.

True or False

Cash withdrawals by owners decrease assets and increase equity.