B - True or False. Read each sentences carefully and determine whether the statement is correct or not. Write your answers on the space provided before the number. 11. Revenue result in increase in...

Extracted text: B - True or False. Read each sentences carefully and determine whether the statement is correct or not. Write your answers on the space provided before the number. 11. Revenue result in increase in equity and therefore has a credit normal balance. 12.Expenses decrease assets and therefore have credit normal balances. 13.Goods returned by customers are added to the Sales Revenue account. 14.The major elements of the income statement are income and expenses. 15. Cost of sales is computed as cost of goods available for sale less ending inventory.