Answer True or False: 1. Accounting is the information system that measures business activity, processes the data into reports, and communicates the results to decision makers. 2. Accounting is \"the language of business.\" The better you understand the language of business, the better you can manage your own business. 3. Financial accounting focuses on information for internal decision makers, such as the company's managers. 4. In the United States, the Financial Accounting Standards Board (FASB) formulates accounting standards. IFRS (international nancial reporting standards) is the main U.S. accounting rule book. 5. A corporation is a business owned by stockholders, or shareholders. 6. An entity concept refers to one business, separate from its owners. 7. The cost principle states that acquired assets and services should be recorded at their actual cost (also called historical cost). 8. Liabilities are dened as the owner's interest in the company assets. 9. Assets are items will generate future benets. 10. Revenue is the money generated from not the normal business operations