The Securities and Exchange Commission () is a government agency that has legal authority to establish GAAP. ()
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The three major types of business activities are operating, financing, and investing. ()
A perpetual inventory system continually updates accounting records for inventory transactions. ()
Accounting information systems collect and process data from transactions and events, organize them in useful reports, and communicate results to decision makers. ()
The accounting concept that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the: ()
A. Going-concern assumption.
Business entity assumption.
C. Objectivity principle.
D. Cost Principle.