Podcast
Questions and Answers
True or false: Accounting records are based on the concept that business transactions will carry on for a long period?
True or false: Accounting records are based on the concept that business transactions will carry on for a long period?
True (A)
True or false: The concept of accounting records assumes that business transactions will continue indefinitely?
True or false: The concept of accounting records assumes that business transactions will continue indefinitely?
True (A)
True or false: Drawings represent the withdrawal of goods on credit by the owners for business use?
True or false: Drawings represent the withdrawal of goods on credit by the owners for business use?
False (B)
True or false: Drawings are recorded as an expense in the income statement?
True or false: Drawings are recorded as an expense in the income statement?
True or false: Drawings decrease the owner's equity in the business?
True or false: Drawings decrease the owner's equity in the business?
True or false: Drawings represent the withdrawal of goods on cash by the owners for business use?
True or false: Drawings represent the withdrawal of goods on cash by the owners for business use?
True or false: Drawings decrease the owner's equity in the business?
True or false: Drawings decrease the owner's equity in the business?
True or false: Drawings are recorded as an expense in the income statement?
True or false: Drawings are recorded as an expense in the income statement?
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