True/False Questions:

____ 11. If the assets owned by a business total $100,000 and liabilities total $50,000, then owner's equity totals $150,000.

____ 12. If a building is appraised for $90,000, offered for sale at $95,000, and the buyer pays $85,000 cash for it, the buyer would record the building at $90,000.

____ 13. The Accumulated Depreciation's account balance is the sum of depreciation expense recorded in past periods.

____ 14. Primary users of accounting information are accountants.

____ 15. A balance sheet is a list of the assets, liabilities, and owner's equity of a business for a period of time.

____ 16. Even when a trial balance is in balance, there may be errors in the individual accounts.

____ 17. A Net Loss occurs on the Income Statement when Revenues for a period of time exceed Expenses for the same period of time.

____ 18. Paying an account payable, increases liabilities and decreases assets.

____ 19. The systematic allocation of land's cost to expense is called depreciation.

____ 20. Generally accepted accounting principles require accrual-basis accounting