Question: Hello please help me to answer the true or false below. kindly explain briefly your answer. thanks 1. An expense may be recognized and recorded
Hello please help me to answer the true or false below. kindly explain briefly your answer. thanks
1. An expense may be recognized and recorded although no cash outlay has been made. * True False 2. A withdrawal by the owner is recorded as a deduction from assets and an increase in expenses. * True False 3. The T-account is sometimes called the book of original entry. * True False 4. A trial balance with equal debit or credit totals proves that all transactions have been correctly journalized and posted to the proper ledger accounts. True False 5. A journal entry may include debits to more than one account and credits to more than one account, but the total of the debits must equal the total of the credits. * True False 6. The owner's Withdrawals account is listed with the other expenses of a business. * True False 7. The first step in analyzing transaction is to determine what accounts are involved. * True False 8. When a business receives cash, it is always recorded as an increase to Cash and a decrease to an Expense. * True False 9. The journal is used to classify and summarize transactions, and to prepare data for basic financial statements. * True False 10. Normally, income accounts have debit balances. * True False
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