UE$/$FALSE$.$ Write $\text{'}T$ if the statement is true and $\text{'}F\text{'}$ if the statement is false.

In a financial statement a double line indicates a total.

Profit increases drawings.

Expenses are recorded as costs of doing business whether cash was paid or not.

Revenue is an asset.

The parties that have claims against the assets of the business are called creditors and owners. $5)$

Salaries Expense appears on the balance sheet.

A transaction that involves more than one credit or more than one debit is called a compound

entry.

Each part of a business transaction is recorded in the accounting equation under a specific acco$$lt

Accounts Receivable indicates amounts owed to us by our cllents or customers.

A debit in accounting is always an increase to an account.

$11)$ A slide error results in a difference that is evenly divis$|$ble by the number $9.$

$12)$ If information is journalized or posted incorrectly, the trial balance will still be correct.

$13)$A company would review the ledger if an account balance was needed.

$14)$Interim reports are usually prepared once a year.

$15)$ When the total debits equal the total credits on the trial balance, this is proof that all transactions $15)$ have been recorded properly.

On the formal income statement, the left column is the debit column, and the right column is the $16)$ credit column.

The worksheet is a tool used in preparing the financial statements for a business.

Adjusting is the process of bringing accounts up to date at the end of the accounting period.

$18)$

The ending balances in the ledger after posting the adjusting entries, will be the same amounts tha$)$ are found on the worksheet in the adjusted trial balance column.

Depreciation Expense is debited when recording the depreciation for the period.