1.The Trial Balance is a document which is viewed by users outside the firm

Group of answer choices

True

False

2.The Trial Balance contains a summary of account balances and verifies debits=credits

Group of answer choices

True

False

3.The primary Owner's Equity account in a Sole Proprietorship is Capital

Group of answer choices

True

False

4.The Owner's withdrawals (Drawing) must be related to earning revenue

Group of answer choices

True

False

5.Payables are almost always assets while receivables are almost always liabilities

Group of answer choices

True

False

6.Which of the following is true?

Debits and Credits are interchangeable

The Trial Balance is not necessary to the Accounting Cycle

The Accounting Equation must always be in balance

FASB members report directly to the president

7.Revenue and Expense accounts can be classified as..

Assets

Liabilities

Owner's (or Stockholders) Equity

Taxes

8.One of the premises of double-entry accounting is

Group of answer choice

Each transaction must affect at least two accounts

Each transaction must affect two accounts only

There must be two accounts in each element of the accounting equation

Each transaction must be double checked

9.The accounting equation is

Liabilities=Assets + Owners (or Stockholders) Equity

Assets=Liabilities + Owners (or Stockholders) Equity

Net Income=Revenues-Expenses

Assets=Liabilities + Expenses

10.To be classified as an asset, an account must

Be a piece of Equipment

Have an easily attainable cash value

Provide a future economic benefit

Include a liability