SF true & false

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In an accounting system that uses Debits and Credits, only positive numbers will be put into accounts

true

the sequence of steps a company's accounting system goes through each accounting period is called the accounting cycle

true

After certain types of transaction it is OK for the accounting system to have more Total Assets (stuff) than Total Liabilities + Owners' Equity (claims to stuff)

false

Asset accounts track the dollar amount of a physical asset and who has a claim to that physical asset

false

Entries are posted from the General Journal to the Trial Balance

false

In an accounting system, if Total Assets are not equal to Total Claims-to-Assets, then the Balance Sheet report will simply be relabled as the UnBalance Sheet report

false

The Debit side of an asset account is the left side and the Debit side of a liability account is the right side

false

The Note Payable account is increased by a debit entry

false

The Trial Balance lists all of the individual transactions that were entered into the Asset, Liability, and Equity accounts

false

a company's accounting period must always be one month long

false

a transaction which decrease the retained earnings account must always decrease an asset account to keep the accounting system in balance

false

all entries must affect both the asset side and the liabilities + equity side of the accounting equation for the accounting system to stay in balance

false

the balance sheet is produced from the account balances shown in the general journal

false

the collection of cash from a customer will always result in an increase in the retained earning account

false

the common stock account is decreased by a debit; while the retained earnings account is increased by a debt

false

the common stock account tracks the owners' clami to assets that result from the operation of the business

false

the largest transaction occurring during the accounting period is always entered first in the general journal

false

the retained earnings account is an asset account similar to the inventory account

false

the retained earnings account is increased by a debit and decreased by a credit

false

In a traditional accounting system all entries must be first put in the General Journal

true

The credit side of all accounts is the right side

true

The main purpose of Equity accounts is to keep track of owners' claims to an organization' assets

true

The main purpose of liability accounts is to keep track of non-owners' claims to an organization's assets

true

for each entry in the general journal, the total dollar amount of the debits and the total dollar amount of the credits must always be equal

true

the balance sheet is a point-in-time financial report

true

the balance sheet is produced from the account balances shown in the general ledger

true

the equipment account is increased by a debit entry

true

the inventory account is decreased by a credit entry

true

the payment of wages to employees for work they performed during the current accounting period will result in a credit to the cash account

true

the primary reason the accountant prepares a trial balance is to determine if the accounting system is in balance

true

the retained earnings account is similar to the common stock account. in that they are both owners' claim-to-assets

true

the retained earnings account tracks the owners' claim to assets that result from the operation of the business

true

when a transaction increases a company's accounts receivable account the retained earnings account must be decreased to keep the accounting system in balance

false


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