True / False Questions
109. In a market, consumers are resource providers.
110. In a market, a company that manufactures cars would be referred to as a conversion agent.
111. The value created by a business may be called income or earnings.
112. A business's creditors have a priority claim to its assets in the event of liquidation.
113. The types of resources needed by a business are financial, physical, and capital resources.
114. Financial accounting information is usually more detailed than managerial accounting information.
115. The Financial Accounting Standards Board is an agency of the US government with authority for establishing accounting standards for businesses in the US.
116. A business and the person who owns the business are separate reporting entities.
117. Accounts are subclassifications of the various elements of the financial statements.
118. Equity represents the future obligations of a business entity.