state the following statements true or false 618953

State whether the following statements are True or False

1. Accounting information is useful only to the management.
2. Accounting is the language of business.
3. Accounting involves communication.
4. Financial statements are the channel of accounting communication.
5. If the transaction cannot be translated in monetary terms, it is not considered as part of the accounting information system.
6. Information needs of accounting are not required for owners of small business enterprises.
7. Most of the needs of the accounting information are met from unpublished internal reports by the management.
8. Under cash basis of accounting, credit transactions are not at all recorded in the books of account.
9. Under accrual basis of accounting, revenue is recognized only when cash is actually received.
10. Under cash basis of accounting, no adjustments are made for outstanding expenses and accrued income.