Indicate whether the following statements are true or false.

a The trading and profit and loss accounts are actual general ledger accounts. True/False b The amount to close the trading account is transferred to the capital account. True/False c Net profit closes the profit and loss account. True/False d The balance sheet general ledger account is in the owner’s equity part of the chart of accounts. True/False e The balance sheet comes from the accounting equation of A = L + OE. True/False f The balance sheet shows what the business owns and owes. True/False g Current assets in the balance sheet are expected to be still in use by the business after 12 months.
True/False h Non-current liabilities are deducted from the current liabilities. True/False i The owner’s equity in the balance sheet has the net profit added to it. True/False j The trading account provides the first profit, which is the sale of goods less the cost of those goods that have been sold.
True/False k The profit and loss account includes the gross profit. True/False