Question 1: Ture or False. There are 12 Ture or False questions 1. The purpose of accounting is to provide financial information about a business. 2. A firm's financial affairs are summarized in periodic reports called general ledgers. 3. Currently, generally accepted accounting principles are developed by the American Institute of Certified Public Accountants (AICPA). 4. The entire process of analyzing, recording, and reporting business transactions is based on the fundamental accounting equation. 5. Assets always equal debts of the business plus the financial interest of the owner. 6. If the owner takes cash out of the business for personal use, the withdrawal should be recorded as an expense of the business. 7. Credits increase Liabilities, Owner's Equity, and Revenue. 8. A debit has the same impact on expenses and liabilities. 9. Increases in assets and revenue are both recorded with debits 10. Transactions are entered in the journal in chronological order. 11. A journal entry can consist of no more than one account to be debited and one account to be 12. The balance ledger form displays the date, description, post reference, debit, and credit for credited. each entry. Question 2: Multiple Choice: There are 38 multiple choice questions [One mark for each question]. 13. The results of the accounting process are summarized in periodic reports called A. cash budgets B. bank reconciliations