1. Under the accrual basis of accounting, the accounting records are normally updated after the preparation of the financial statements. True or False
2. The revenue recognition concept states that revenue should be recorded in the same period as the cash is received. True or False
3. The matching concept requires expenses to be recorded in the same period that the related revenue is recorded. True or False
4. It is easy to objectively determine the physical decline in the ability of fixed assets to provide service.True or False
5. Accrued expenses are expenses that have been incurred and paid. True or False
6. Physical assets of a long-term nature are referred to as fixed assets. True or False
7. Under the cash basis of accounting, expenses are recorded when paid. True or False
8. Under the cash basis of accounting, no adjustments are necessary prior to the preparation of the financial statements. True or False