6 Owner's Equity is NOT an account appearing in the equity section of a corporation's statement of financial position. True False QUESTION 7 A trial balance will NOT balance if a transaction has been omitted. True False QUESTION 8 For adjusting entries relating to accrued revenues, before adjustment, both assets and revenues are understated. True False QUESTION 9 Under a consignment sales arrangement, revenue is recognized under the earnings approach upon sale by the consignee. True False QUESTION 10 For the purposes of discontinued operations, the key elements in determining that a separate segment exists are that the component is a separate business and a separate legal entity. True False