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An asset account cannot have a credit balance, True False Question 17 (1 point) The income statement would include all of the following except KD the total amount received as revenue @ the total amount of expenses incurred the net income or net loss of the business the financial position of the business Question 18 (1 point) Which of the following is NOT true concerning ledger accounts Every item on the balance sheet is a separate account in the ledger The opening balance for an account is taken from the balance sheet. All accounts increase on the same side When the opening amount is set up in a T-account, it is placed on the same side as it appears on the balance sheet An accountant recorded a cash sale by debiting Bank and crediting Accounts Payable. As a result of this error, the Owners Equity account will be understated, CID the Bank account will be overstated the trial balance will be out of balance, COD the Accounts Pavable account will be accurate Question 20 (1 point) The owner's equity is decreased by KD a debit to a drawings account a credit to an expense account D a credit to a revenue account a debit to an asset account