Answer to Question #240086 in Accounting for Another you

Question

A. Write T if the statement is correct or F if the statement is incorrect.

1. The equity is also called the residual value or interest of the owner from the business.

2. Contributions of owner to the business are in the form of cash only.

3. The capital account of the business also includes the result of operations.

4. The unearned revenue is considered an income of the business that can be included in the SCE.

5. The expenses of the business are deductions to the business capital.

6. The SCE is dated as of the period ended.

7. The withdrawal account is included in all forms of business organization.

8. A corporation may be formed by a single person.

9. Fhe number of capital accounts of partners depend on the number of its owners.

10. The owner in a sole proprietorship js usually he manager of the business.

Answer 1

1. F
2. F
3. T
4. F
5. F
6. T
7. F
8. T
9. F
10. F