Question

The information reported in financial statements is organized into ten categories known as accounts. True or False?

Answer 1

The information reported in financial statements is organized into five categories known as accounts: assets, liabilities, equity, revenue, and expenses. Statement is False.

Step-by-step explanation:

The statement is False. The information reported in financial statements is organized into five categories known as accounts. These categories include assets, liabilities, equity, revenue, and expenses. Each category represents a different aspect of a company's financial position and performance.