CAN YOU PLEASE HELP ME ANSWER THE TRUE OR FALSE AND FILL IN BLANKS. THANK YOU!
True or False: Choose True if the answer is correct, otherwise False. 1. The first step in analyzing transaction is to determine what accounts are involved. 0 True . False 2. Capital represents the Owner's investment, or equity, in a business. 0 True 0 False 3. When a business receives cash, it is always recorded as an increase to Cash and a decrease to an Expense. 0 True 0 False In the fundamental accounting equation. assets are added to liabilities. 0 True 0 False 5. Business transactions are expressed in terms of money. 0 True 0 False 6. The liability created when supplies are bought on account is called an accounts payable. 0 True 0 False 7. Equipment is listed as an asset because it is used up in a relatively long period of time. 0 True . False 8. The Owner's Withdrawals acc0unt is listed with the other expenses of a business. 0 True . False 9. A withdrawal by the Owner is recorded as a deduction from assets and an increase in expenses 0 True . False 10. Every transaction is recorded in terms of increases andlor decreases in two or more accounts. 0 True 0 False 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. The sequence of the acc0unt titles in a trial balance depends upon the size of the account balances. True False An expense may be recognized and recorded although no cash outlay has been made. 0 True 0 False The normal balance of any account refers to the side of the account debit or credit where] 0 True 0 False The journal is used to classify and summarize transactions, and to prepare data for basic nancial statements. 0 True 0 False Atrial balance with equal debit or credit totals proves that all transactions have been correctly jaumalized and posted to the proper ledger accounts. 0 True 0 False Ajournal entry may include debits to more than one account and credits to more than one account, but the total of the debits must equal the total of the credits. 0 True 0 False The accOunting cycle begins with the recording of the transactions and ends with the preparation of the nancial statements. 0 True . False Normally, income accOunts have debit balances. 0 True 0 False An account titled Unearned Revenues is a liability account. 0 True 0 False The T-account is sometimes called the book of original entry. 0 True 0 False Part 2. Fill in the Blanks", "Kindly write the correct wordfwords in CAPITAL LEITERS. In case there are 2 blanks in one sentence, just write it in the order of the correct words. Example: The correct answers in the two separate blanks are COTTON and ALCOHOL Answer: COTTON ALCOHOL 1. is the recording function of the accounting process." "A list of assets, liabilities. and owner's equity as of a particular is reported on a create an outward or potential Outward flow of assets." record personal expenses that are not related to the business. They are a subdivision of owner's equity." "The left side of any T-acoount is called the "Assets are increased by "Withdrawals are increased by "Increasing expenses ultimately cause owner's equity to ." "Chubby Cat Food Supplies delivered cat food to Jolly Pet Shop but did not receive payment from Jolly Pet Shop till the following month. This is known as a transaction. . "The double-e ntry recording rule states that for every transaction, total debits must total credits. In addition, every transaction affects at least ledger accounts. "
