Accounting T or F Word Scramble
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Question | Answer |
Accounting is the language of business? | TRUE |
Keeping personal and business records separate is an application of the business entity concept? | TRUE |
Assets such as cash and supplies have value because they can be used to either acquire other assets or be used to operate a business? | TRUE |
The relationship among assets, liabilities, and owners equity can be written as an equation? | TRUE |
The accounting equation does not have to be in balance to be correct? | FALSE |
The sum of the assets and liabilities of a business always equals the investment of a business owner? | |
Recording business costs in terms of hours required to complete projects is an application of the unit of measurement concept? | FALSE |
The capital account is an owners equity account? | TRUE |
If two amounts are recorded on the same side of the accounting equation, the equation will no longer be in balance? | FALSE |
When a company pays insurance premiums in advance to an insurer, it records the payment as a liability because the insurer owes future coverage? | TRUE |
When items are bought and paid for later this is referred to as buying on account? | TRUE |
When cash is paid on account, a liability is increased? | FALSE |
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ktc
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