Owner's equity is not affected when cash is received from customers in payment of previously recorded accounts receivable. ()
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The Securities and Exchange Commission () is a government agency that has legal authority to establish GAAP. ()
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. ()