What are the answers to these accounting questions?

What are the answers to these accounting questions?
An accounting information system communicates data to help businesses make better decisions. True False Question 2 2 points Save External auditors examine financial statements to verify that they are prepared according to generally accepted accounting principles. True False Question 3 2 points Save External users include lenders, shareholders, customers, and regulators. True False Question 4 2 points Save The Sarbanes-Oxley Act (SOX) does not require public companies to apply both accounting oversight and stringent internal controls. True False Question 5 2 points Save A sole proprietorship is one or more individuals selling products or services for profit. True False Question 6 2 points Save Accounting information is communicated to various parties through financial statements. True False Question 7 2 points Save The business entity principle means that a business will continue operating for an indefinite period of time. True False Question 8 2 points Save As a general rule, revenues should not be recognized in the accounting records until it is received in cash. True False Question 9 2 points Save Understanding generally accepted accounting principles is not necessary to use and interpret financial statements. True False Question 10 2 points Save Objectivity means that financial information is supported by independent unbiased evidence. True False Question 11 2 points Save The idea that a business will continue to operate until it can sell its assets to pay its creditors underlies the going-concern assumption. True False Question 12 2 points Save The three common forms of business ownership include sole proprietorship, partnership, and non-profit. True False Question 13 2 points Save Expenses decrease equity and are the costs of assets or services used to earn revenues. True False Question 14 2 points Save Withdrawals by the owner are a business expense. True False Question 15 2 points Save An account balance is the difference between the debits and credits for an account including any beginning balance. True False Question 16 2 points Save In a double-entry accounting system, the total amount debited must always equal the total amount credited. True False Question 17 2 points Save Debits increase asset and expense accounts. True False Question 18 2 points Save A revenue account normally has a debit balance. True False Question 19 2 points Save A transaction that decreases an asset account and increases a liability account must also affect one or more other accounts. True False Question 20 2 points Save If insurance coverage for the next three years is paid for in advance, the amount of the payment is debited to an asset account called Prepaid Insurance. True False Question 21 2 points Save If a company purchases land paying cash, the journal entry to record this transaction will include a debit to Cash. True False Question 22 2 points Save When a company bills a customer for $600 for services rendered, the journal entry to record this transaction will include a $600 debit to Services Revenue. True False Question 23 2 points Save The higher a company's debt ratio is, the higher the risk of a company not being able to meet its obligations. True False Question 24 2 points Save Hamilton Industries has liabilities of $105 million and total assets of $350 million. Its debt ratio is 40.0%. True False Question 25 2 points Save A compound journal entry affects no more than two accounts. True False Question 26 2 points Save A trial balance that balances is not proof of complete accuracy in recording transactions. True False Question 27 2 points Save Ethics: Are beliefs that separate right from wrong. And law often coincide. Help to prevent conflicts of interest. Are critical in accounting. All of these. Question 28 2 points Save If a parcel of land that was originally acquired for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000, the land should be recorded in the purchaser's books at: $9