Any writing—including letters, telegrams, invoices, sales receipts, checks, and handwritten agreements written on scraps of paper—can be an enforceable contract

The set of rules and regulations that govern the content and format of financial statements is called Government Acceptable Procedure (GAP).

a. true b. false

Which of the following demonstrates that the company's resources equal creditor's claims plus owners' claims to those resources?

a. The statement of cash flows b. The balance sheet c. The statement of stockholders' equity d. The income statement