TRUE OR FALSE

1. Government accounting deals solely with the identification of the sources of resources consistent with laws.
2. A separate legal entity organized in accordance with codes and laws and in which ownership is divided into shares of stock is referred to as a corporation.
3. The entity concept states that the transactions of different entities should not be accounted together.
4. The Philippine accountant considers peso as the common unit of measure for all business transactions.
5. The recording process of accounting covers the verification of the accuracy and orderly of source documents.
6. Only those economic activities that will increase or decrease any of the accounting elements are recorded in the books of accounts.
7. The posting on the post-reference column of the general journal will indicate that the peso value of an account was already posted to its respective account in the general ledger
8. To credit an account is to record the value received in a business transaction.
9. The posting process in the books of accounts is also referred to as journalizing.