Specify if each of the questions is true or false.

1. Balance sheet accounts are the revenue and expense accounts

2. A twenty-year mortgage with monthly payment terms is shown on the balance sheet only under long-term debt

3. Land held for future expansion is shown under Property and Equipment on the balance sheet

4. MasterCard and Visa card drafts are treated as cash received

5. An asset can be a future expense

6. Assets - Liabilities = Equity