26) If the Income Summary account has a credit balance after revenues and expenses are closed into it, the firm had a net income for the fiscal period.

Group of answer choices

True

False

27) The entire process of analyzing, recording, and reporting business transactions is based on the fundamental accounting equation.

Group of answer choices

True

False

28) Assets always equal the financial interest of creditors plus the financial interest of the owner.

Group of answer choices

True

False

29) A double line drawn under the figures in a money column shows that the computation is complete.

Group of answer choices

True

False

30) Revenue is recorded only after cash is collected from charge-account clients.

Group of answer choices

True

False