A few accounting questions I need answered.

All are true or false.

1. The stockholders' rights to the assets rank ahead of the creditors' rights to the assets?

2. Unearned Revenues are an example of a liability?

3. The chart of accounts should be the same for each business?

4. Even when a trial balance is in balance, there may be errors in the individual accounts?

5. Revenues is the difference between cash receipts and cash payments?

6. Prepaid expenses are an example of an expense?

7. The materiality concept implies that if an error is large enough or could effect the decisions of its users, a correction is absolutely necessary?