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If a conflict occurs between common law and statutory law, the latter takes precedence.()

Corporations are the backbone of modern economies, although in number corporations account for only a small percentage of all business firms.()

A committee which is established on a permanent basis is known as an ad hoc committee.()

The major forms of business in a market economy are ___.

Overall objective of financial reporting is to provide financial information useful to internal users in making economic decisions.()

If the proceeds from the sale of bond investments exceeds the carrying amount of the bonds, a gain is realized.()

Allowance for Doubtful Accounts is a liability account.()

Income is recognized when an increase in future benefits related to an increase in an asset of a decrease of a liability has arisen that can be measured reliably.()

Journalizing is the process of entering amounts in the ledger.()

The double-entry accounting system records each transaction twice.()

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