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chapter 1 Powered by Cognero Page 1 Indicate whether the statement is true or false. 1. Receiving a bill or otherwise being notified that an amount is owed is not recorded until the amount is paid. a. True b. False 2. If total assets increased by $190,000 during a specific period and liabilities decreased by $10,000 during the same period, the period's change in total stockholders' equity was a $200,000 increase. a. True b. False 3. An example of an external user of accounting information is the federal government. a. True b. False 4. The monetary unit assumption requires that economic data be recorded in dollars for companies in the United States. a. True b. False 5. About 90% of the businesses in the United States are organized as corporations. a. True b. False 6. If net income for a company was $50,000, $20,000 in cash dividends were paid and the shareholders invested $10,000 in cash, the stockholders' equity increased by $40,000. a. True b. False 7. An account receivable is a claim against a customer resulting from a sale on account. a. True b. False 8. Revenue is earned only when money is receiv
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