Question

3. True or False:
1. According to double entry system the transactions are recorded twice.
2. The accounting equation states that the value of total assets is equal to total external liabilities,
3. Credit balance of bank column in cash book shows overdraft.
4. Debit balance of cash book and credit balance of pass book means the same,
5. In diminishing balance, the value of assets becomes zero due to depreciation,​

Answer 1

Answer:

true

false

true

true

false

Answer 2

Answer:

• True
• false
• true
• true
• false