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Problem 1: Double-entry bookkeeping system
a. Is based on the assumption that debits must have credits of equal amounts or vice versa
b. Is based on the concept of equality of value received and value parted with
c. Results in balanced trial balance
d. All of the above statements are true
Problem 2: Which of the following statements about the users of financial information is incorrect?
a. Management is an internal user.
b. Taxing authorities are external users.
c. Creditors are external users.
d. Regulatory authorities are internal users
Financial Statement Analysis and Preparation
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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