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Total assets are the amount the owner has invested in the business.
False
True
True
True
False
True
True
False
The accounting equation is most often stated as Assets + Liabilities = Owner's Equity
False
True
True
True
False
True
True
False
The accouting equation must be in balance to be correct.
False
True
True
True
False
True
True
False
The capital account is the owner's liability account.
False
True
True
True
False
True
True
False
When financial records for a business and for its owner's personal belongings are not mixed, this is an application of the Business Entity accounting concept.
False
True
True
True
False
True
True
False
When 2 asset accounts are changed in a transaction, there must be an increase and a decrease.
False
True
True
True
False
True
True
False
When items are bought and paid for at a future date, another way to state this is to say these items are bought on account.
False
True
True
True
False
True
True
False
After each transaction, the accounting equation must remain in balance.
False
True
True
True
False
True
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False
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