Reference no: EM132999030

Problem 1: The business entity concept means that

Select one:

a. an entity is organized according to the rules set by the FASB

b. the owner is part of the business entity

c. an entity is organized according to state or federal statutes

d. the entity is an individual economic unit for which data are recorded, analyzed, and reported

Problem 2: The financial statements of a proprietorship should include the owner's personal assets and liabilities.

Select one:

True

False

Problem 3: Financial reports are used by

Select one:

a. creditors

b. investors

c. all are correct

d. management