The types of resources needed by a business are financial, physical, and labor resources.

true false

17) Which of the following statements about the entry to record depreciation is true?

A) The entry involves a credit to a contra-asset account. B) The entry involves a credit to Depreciation Expense. C) The entry involves a credit to the asset being depreciated. D) The entry involves a credit to a liability.

18) A $200 credit to Interest Payable was instead recorded in error as a $200 credit to Cash in an adjusting entry, which has been posted to the ledger accounts. Which of the following is the result of this error?

A) Net income is overstated by $200. B) Total assets are understated by $200. C) The trial balance is out of balance by $200. D) Total liabilities are overstated by $200.

19) What is the term that is used to describe the difference between the total debit and credit amounts in a T-account?

A) Net income B) Trial balance C) Account balance D) Equality