Name: Susana Morgado Accounting I - Test 1 - Chapters 1-5 Indicate whether the statement is true or false. 1. Current assets and current liabilities for Brayden Company are as follo 20Y8 Current assets Current liabilities 20Y9 $498,600 269,300 Class: $532,400 301,500 The change in working capital from 20Y8 to 20Y9 indicates that Brayd a. True b. False 3. Accumulated Depreciation is a permanent account. a. True b. False 2. Revenues and expenses should be recorded in the same period to wi a. True b. False 4. Assets that are used up during the process of earning revenue ar a. True b. False 5. Cash withdrawals by owners decrease assets and increase equ a. True b. False The increase side of an account is also the side of the norma a. True b. False The balances of the capital accounts from the Adjusted T ement of Owner's Equity columns. a. True b. False