assets and in owners by 45 Ineases in liability accounts are Riability accounts are recorded by credits increases in egnity are recondled by debits. A) True )False 46. Every transaction affects two or more ledger accounts and is recorded by amounts of debits and eedits. A) True B) False 47. Asset accounts should only be debited and never credited. A) True B) False 48. A balance sheet reports financial activities for a specific time period such as one month or one year A) True B) False Today the most authoritative source of generally accepted accounting principles is the Internal Revenue Service. 49. A) True B) False 50. The annual financial statements of large corporations such as Microsoft or Pepsico are audited by independent certified public accountants, even though these firms maintain large accounting departments as part of their organizations. A) True B) False