Test Bank For Cornerstones of Financial and Managerial Accounting 2e Jay Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen (Test Bank All Chapters, 100% Original Verified, A+ Grade) (Complete And Verified Study material) (1602pages) LEARNEXAMS

1. There are more corporations than sole proprietorships and partnerships in the United States. True False 2. The three main business activities are financing, operating, and investing. True False 3. Internal users of accounting information include present creditors and management. True False 4. The income statement summarizes the assets, liabilities and stockholders’ equity for a period of time. True False 5. The four basic financial statements are the Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows. True False 6. The amount of earnings distributed to stockholders can be found in the income statement as an expense. True False 7. Stockholders' equity is composed of two main sources: liabilities and contributed capital. True False 8. The first step in pr