The medicare and social security taxes that are taken out of employee's salaries and wages are known as FICA taxes ?

True or False

We only count assets that are "tangible" on the balance sheet.

True or False

The name of the expense used to track the cost of inventory that has been sold in the current period is called Cost of Goods Purchased

True or False

The only cost that matters when calculating how much land should be valued at on the balance sheet is the purchase price.

True or False

Employees pay unemployment tax

True or False

Under the perpetual system, we must make two journal entries whenever we make a sale in order to record the impacts of that sale to revenues and expenses.

True or False

When preforming a bank reconciliation we add outstanding withdrawals to the book side of the reconciliation.

True or False

"Accumulated Depreciation" and "Allowance for Doubtful Accounts" are examples of contra accounts.

True or False

In Accrual Basis Accounting, expenses are matched with revenues and to the period in which the costs are incurred.

True or False

The accounting equation tells us that assets of a company are equal to the liabilities of a company plus the equity of the company.

True or False

Resources owned by a business are called assets.

True or False

The owners of a corporation are known as executives

True or False

In order to properly record depreciation expense we must debit the account "Accumulated Depreciation"

True or False