T F 1. Assets = Liabilities - Owners Equity I F entries. 2. Decreases in asset accounts are shown as debits when making journal T F 3. The Cost Principle requires that a sole proprietorship business must record its assets at fair market value (FMV) at year end and not at Cost. T F 4 . The Federal Government's Accounting Standards Board or FASB is an accounting rule making body in the United States