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    strawberri521 Posts: 2, Reputation: 1
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    Oct 16, 2011, 03:49 PM
    Are the following true or false?
    Are the following true or false?

    1. All business transactions affect the accounting equation through specific accounts.
    2. Expenses either increase liabilities or increase assets.
    3. Debit means left and credit means right.
    4. Liability accounts normally have credit balances.
    5. Every time one account is increased, another account must be decreased.
    6. All of the debit balances from the trial balance are carried over to the balance sheet.
    7. A trial balance is used to prove that assets plus liabilities equals owner?s equity.

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