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  1. A
    Identification

    B
    Recording

    C
    Verification

    D
    Communication

    Explanation: Not available 

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  2. A
    Management is an internal users.

    B
    Taxing authorities are external users.

    C
    Present creditors are external users.

    D
    Regulatory authorities are internal users.

    Explanation: Not available 

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  3. A
    Auditing, taxing and management consulting.

    B
    Auditing, budgeting and management consulting.

    C
    Auditing, budgeting and costing accounting

    D
    Internal auditing, budgeting and management consulting.

    Explanation: Not available 

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  4. A
    Assets should be initially recorded at cost and adjusted when the market value changes.

    B
    Activities of an entity are to be kept separate and distinct from its owner.

    C
    Assets should be recorded at their cost.

    D
    Only transaction data capable of being expressed in terms of money be included in the accounting records.

    Explanation: Not available 

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  5. A
    Basic assumptions are the same as accounting principles.

    B
    The economic entity assumption states that there should be a particular unit of accountability.

    C
    The monetary unit assumption enables accounting to measure economic events.

    D
    An important part of the monetary unit assumption is the stable monetary unit assumption.

    Explanation: Not available 

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  6. A
    Assets exceed liabilities.

    B
    Assets exceed revenues

    C
    Expense exceed revenues.

    D
    Revenue exceed expenses.

    Explanation: Not available 

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  7. A
    Increase assets and decrease owner's equity.

    B
    Increase assets and increase owner's equity.

    C
    Increase assets and increase liabilities.

    D
    Increase liabilities and increase owner's equity.

    Explanation: Not available 

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  8. A
    Income statement only.

    B
    Balance sheet only.

    C
    Income statement and owner's equity statement only.

    D
    Income statement, owner's equity statement and balance sheet.

    Explanation: Not available 

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  9. A
    Income statement

    B
    Owner's equity statement

    C
    Balance sheet

    D
    Statement of cash flow

    Explanation: Not available 

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First123Last
1 of 28 pages