Question

1. State whether the following statements are True' or False' : (a) Persoral transactions of an owner are not recorded in the books of accounts of his business. (True' or False)
(b) For all cash payments, Debit Vouchers' are prepared. (True' or False)
(c) Ledger is the principal book of accounts. (True' or False)
(d) As per accounting equation : Assets + Liabilities = Capital (True' or False)
(e) Assets acquired for long-term use are called current assets. (True' or False)
(f)Salary Outstanding Account' shows balance. (True' or False)
(g) Profit is the reward of business activities. (True' or False)
(h)Cost accounting is a branch of accounting. (True' or False)
(i) Decrease in asset is credited. (True' or False)
(i)Trial Balance in an account.(True' or False)

Answer 1

Answer:yes

Explanation:

A) false. All transactions are recorded

B) True. It is the evidence of payments

C) True

D) True

E) False. They are called as long term assets

F) True. it shows how much balance is left to pay creditors (employees)

G) True

H) True

I) True

G) False. Trial balance is a summary of all accounts in ledger.