36 (20 points) Listen Which action is a key step in the accounting cycle? Question 36 options: recording information into journals collecting data from customers forecasting expenses and revenues preparing the advertising message Question 37 (20 points) Listen Assets are reported on the firm's balance sheet. Question 37 options: True False Question 38 (20 points) Listen Because each business is unique, the accounting profession recognizes that the accounting principles followed by one company may need to be completely different from the accounting principles followed by another firm. Question 38 options: True False Question 39 (20 points) Listen The income statement reports the difference between a firm's assets and its liabilities as of a certain date. Question 39 options: True False Question 40 (20 points) Listen If the economy began experiencing a prolonged period of deflation in which the prices of most goods are falling, many firms would find that the LIFO method of inventory valuation would result in higher reported profits. Question 40 options: True False