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Which of the statements about accounting concepts

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Problem 1: Which of the following is/ are true of partnerships?

A) Financial statements for the partnership by law must be produced and made public.

B) A partnership is not a separate legal entity from the partners themselves.

C) The partners' individual exposure to debt is limited.

Problem 2: Which of the following statements about accounting concepts and the characteristics of financial reporting information is not correct?

A) The historical cost concept means that only items capable of being measured in monetary terms can be recognized in the financial statements.

B) Entities may exclude information that is relevant in the financial statements because it is too difficult for the users to understand.

C) Consistency in the use of the same accounting policies for the same or similar items from one period to the next is essential to enhance comparability among the entities.

Reference no: EM132966271

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