Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Exercise 1

The answers to these questions appear on page 85.Note: In order to review as many chapter concepts as possible, some self-test questions include more than one correct answer.n these cases, you should indicate all of the correct answers.
A set of financial statements:
a.s intended to assist users in evaluating the financial position, profitability, and future prospects of an entity.
b.s intended to substitute for filing income tax returns to the Internal Revenue Service in determining the amount of income taxes owed by a business organization.
c.ncludes notes disclosing information necessary for the proper interpretation of the statements.
d.s intended to assist investors and creditors in making decisions involving the allocation of economic resources.