Question: Hello please help me to answer the true or false below. kindly explain briefly your answer. thanks 11. In the fundamental accounting equation, assets are
Hello please help me to answer the true or false below. kindly explain briefly your answer. thanks
11. In the fundamental accounting equation, assets are added to liabilities. * True False 12. Every transaction is recorded in terms of increases and/or decreases in two or more accounts. * True False 13. Business transactions are expressed in terms of money. * True False 14. The liability created when supplies are bought on account is called an accounts payable. * True False 15. Equipment is listed as an asset because it is used up in a relatively long period of time. * True False 16. The normal balance of any account refers to the side of the account - debit or credit - where decreases are recorded. * True False 17. Capital represents the owner's investment, or equity, in a business. * True False 18. An account titled Unearned Revenues is a liability account. * True False 19. The accounting cycle begins with the recording of the transactions and ends with the preparation of the financial statements. * True False 20. The sequence of the account titles in a trial balance depends upon the size of the account balances. * True False
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