True false chapter 3

The owner's claims to the assets of a business are liabilities.

False

The owner's personal financial transactions are part of the business's records.

False

The total financial claims do not have to equal he total cost of the property.

False

The accounting equation should remain in balance after each transaction.

True

The increases and decreases caused by business transactions are recorded in specific amounts.

True

The private enterprise system is based on the right to own property.

True

The total financial claims to the assets of the business are referred to ask equity.

True

When a business transaction occurs, the financial position of the business changes.

True

a creditor has a financial claim to the assets of the business.

True

An account is a record of only the increases in the balance of a specific item such as cash or equipment.

False

Assets+Liabilities= Owners equity is another way to express the accounting equation.

False

A business transaction affects at least two accounts.

True