True/False from 2 - 10

Separation of duties means that no one person should authorize transactions, handle assets, and keep records of assets Technologically advanced accounting systems do not need monitoring for errors because computers always process transactions correctly. On a bank statement, deposits are listed as debits because the bank increases its cash account when the deposit is made. The days' sales uncollected ratio measures a company's ability to manage its debt. Accounts receivable occur from credit sales to customers. Credit sales are recorded by crediting an Accounts Receivable. As long as a company accurately records total credit sales information, it is not necessary to have separate accounts for specific customers. If a customer owes interest on accounts receivable. Interest Revenue is debited and Accounts Receivable is credited. Intangible assets are long-term assets that have no physical substance, such as copyrights and patents. Plant assets are used in operations and have useful lives that extend over more than one accounting period