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Chapter 1 1. The majority of business in Canada is conducted by corporations. *a. True b. False 2. The three main business activities are financing, operating, and investing. *a. True b. False 3. Internal users of accounting information include present creditors and management. a. True *b. False 4. The statement of earnings summarizes the assets, liabilities, and shareholders’ equity for a period of time. a. True *b. False 5. The four basic financial statements prepared by private companies are the statement of earnings, statement of retained earnings, statement of financial position (or statement of financial position), and statement of cash flows. *a. True b. False 6. The amount of earnings distributed to shareholders can be found in the statement of earnings as an expense. a. True *b. False
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