Question

1. Goodwill is the reputation of business

True

False

2. Tangible Assets cannot be seen and touch

True

False

3. Discount on issue of debenture is current assets

True

False

4. Fixed assets can be used for long period of time

True

False

5. Assets can be classified into two parts

True

False

6. A transaction can change the accounting equation

True

False

7. Decrease in assets always cause decrease in liabilities

True

False

8. Creditors are non current liabilities

True

False

​

Answer 1

Answer:

1.true

2.false

3.false

4.true

5.false

6.true

7.false

8.false

Answer 2

1 true
2 false
3 false
4 true
5 true ( current non current)
6 true
7 true
8 false