57. Which of the following statements is/are true? I. The listing of all of the accounts available for use in a company's accounting system is known as the General Ledger. II. The term associated with...

57. Which of the following statements is/are true?


I. The listing of all of the accounts available for use in a company's accounting system is known as the General Ledger.


II. The term associated with "left" or "left-side" is Credit.


III. The basic accounting equation is Assets + Liabilities = Capital.


IV. The accounting equation should remain in balance because every transaction affects only two accounts.


V. The Accounting Cycle represents the steps or accounting procedures normally used by entities to record transactions and prepare financial statement. It implements the accounting process.


VI. A corporation's net income and distributions to stakeholders are eventually recorded in the income summary.