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Expenses decrease owner’s equity and are recorded as debits.
True
True
False
False
True
False
False
False
Revenues increase owner's equity, and increases in revenues are recorded as debits.
True
True
False
False
True
False
False
False
The rules of debit and credit for expense accounts are the same as the rules for asset accounts.
True
True
False
False
True
False
False
False
The total of all accounts with normal debit balances should equal the total of all accounts with normal credit balances if the rules of debit and credit were followed correctly.
True
True
False
False
True
False
False
False
An accounting period that begins on July 1 and ends on June 30 is a calendar-year accounting period.
True
True
False
False
True
False
False
False
Liability, expense, and capital accounts all have normal credit balances.
True
True
False
False
True
False
False
False
Income from Fees is a permanent account.
True
True
False
False
True
False
False
False
A chart of accounts is limited to 50 accounts.
True
True
False
False
True
False
False
False
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