Indicate true or false by inserting T or F into the appropriate space

21. On a bank reconciliation, a bank service charge will usually appear as a subtraction from the ending period bank account balance. 22. The letters "CPA" stand for "classified public accountant." 23. An expenditure which extends the useful life of a machine, but does not affect its qualify should be debited to a contra asset account, Accumulated Depreciation. 24. The stockholders of a corporation elect the members of the board of directors, 25. Companies generally are not required to follow generally accepted accounting principles when preparing a balance sheet for a creditor. 26. A balance sheet reports a company's assets, liabilities, and equity as of a moment in time. 27. For most companies, the cash basis of accounting does not measure financial performance very well when transactions are conducted using credit rather than cash. 28. Transactions are recorded in journals before they are recorded in ledgers. 29. A corporation is a separate legal entity created by the authority of a state government The act of transferring entry data from a journal to the general ledger is called journalizing. 30