Instructions: Write True or False in full in your answer booklets

An account with a normal debit balance is most often an asset or revenue account.

Accounting information is used by investors and creditors, but not by regulatory bodies.

Since Habitat for Humanity $($a non$-$profit organization$)$ is not concerned about making a profit, the entity does not need to use accounting information.

The business records of a sole proprietorship should include the proprietor's personal finances.

The accounting equation shows the relationship among assets, liabilities and net income.

Each transaction has either an equal effect on both the left$-$ and right$-$sides of the accounting equation, or an offsetting effect $($both positive and negative$)$ on the same side of the equation.

When using the double$-$entry system of accounting each transaction affects only two accounts.

Accounts Receivable is increased with a credit.

Posting is the process of copying data from the ledger to the journal.

The journal is a grouping of all the T$-$accounts, with their balances.