T or F Accounting uses a double entry system? 2. T or F Assets = Liabilities + Owners Equity? 3. T or F Assets Liabilities = Owners Equity? 4. T or F Assets are normally on the debit side of the T account? 5. Advantages of ERP systems include: A) saves money B) helps adjust to changes C) replaces separate software systems D) all of the above ) T or F Accounts receivable are more common than notes receivable? 7) T or F Only the % of completion method requires an adjustment at the end of an accounting period?