Balance Sheet is generally prepared first.

A$.$ True

B$.$ False

Generally accepted accounting principles are:

A$.$ Guides to action that apply primarily to the process of managerial accounting

B$.$ Accounting standards enforced by the Internal Revenue Service

C$.$ Accounting standards that never change

D$.$ Guides to action that apply primarily to the process of financial accounting

E$.$ None of the above

The accounting equation states:

A$.$ Assets $+$ Liabilities $=$ Stockholders' Equity

B$.$ Assets $=$ Liabilities $-$ Stockholders' Equity

C$.$ Assets $=$ Liabilities $+$ Stockholders' Equity

D$.$ Assets $+$ Stockholders' Equity $=$ Liabilities

E$.$ None of the above