Indicate whether each of the following is True or False.

a. The main objective of general financial accounting is to provide management with information to budget for the future and for the IRS to tax corporations.

b. Financial statements allow analysis among companies for a period and across time for the same company.

c. The normal revenue recognition point is at the point of sale or service.

d. The balance sheet shows how much cash was earned and the liabilities owed for a period of time.

e. The following accounts are all reported on the income statement: gain on sale of land, unearned revenue, accumulated depreciation, interest expense, and retained earnings.

f. Companies with public stock are required to report earnings per share (EPS) so that common stock owners can understand their portion of the income  that the company earned for the year.

g. All of the following statements give information for a period of time: cash flow, income statement, and statement of retained earnings.

h. Collections from sales of merchandise, rent payments, and payment for the purchase of supplies and salaries are cash flow operating activities.

i. Accrual basis accounting better reflects the revenues and expenses for the period than does cash basis accounting.

j. The proper order of preparing financial statements is 

(1) Cash flow statement, 

(2) Statement of retained earnings, 

(3) Balance sheet, 

(4) Income statement.

k. Borrowing from the bank and issuing stock are cash flow financing activities.

l. Purchases of land and equipment with cash are cash flow investing activities