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account ch1 t&f

QuestionAnswer
accounting is the language of business true
a creditor would favor a positive net worth true
the principles o right and wrong that guide an individual in making personal decisions is called business ethics true
keeping personal and business records seperate is an application of the business entity concept true
Generally Accepted Accounting Principles allows for flexibility in reporting false
recoding business costs in terms of hours required to complete projects is an application of the unit of measurement concept false
assets such as cash and supplies have value becasue they can be using to acquire other assets or be used to operate a business true
the relationship among assets, liabilities, and owner's equity can be written as a equation true
the accounting equation does not have to be in balance to be correct false
when a compant pays insurace premuims in advance to an insurer, it records the payment as a liability becasue the insurer owes future coverage false
when items are bought and paid or later, this is referred to as buying on account true
when case is pain gon account, a liability is increased false
whne cash is received from a sale, the total amount of both assets and owner's equity is increased true
the accounting concept Realization on Revenue is applied when revenue is recorded at the time goods or services are sold true
when cash is paid for expenses, the business has more quity false
if two amounts are recoded on the same side of the accounting equation, the equation will no longer be in balace false
when a company recieves cash from a customer for a prior sale, the transaction increases the cash account balance and increased the accounts recivable balance false
a withdrawl decreases owner's equity true
Created by: magerleman
 

 



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