1.18W.V1 arks(10 minutes) correct answer can only be recognized when cash is received for the service provided or the goods sold. True False Proprietorships are difficult to form, usually require significant start-up legal costs, and must pay their own business income tax. b. True False The full disclosure principle requires that a bill received for utility costs consumed this month must be recorded this month. c. True False d. The Acme Corporation purchased land in 1970 for $50,000. Today the land is valued at $500,000. According to Generally Accepted Accounting Principles, Acme must ensure that t balance sheet is updated to ensure the land is valued at $500,000. True False The practice of recording debits and credits in accounting records was established by the banking industry and just like in banking, debiting an account always means to decrease account while crediting an account always means to increase the account. e. True False