Indicate whether the following statements are true or false:
(a) All debit entries are posted on the left side of accounts and are indicative of decrease in the account balances.
(b) All credit entries are recorded on the right side of accounts and represent increase in the account balances.
(c) P&L account is prepared on cash account basis.
(d) Reserves with companies are in cash form or are invested in marketable securities.
(e) Retained earnings are assets of a firm and therefore have debit balance.
(f) Purchase of plant on credit should be debited to purchase account and supplier’s account should be credited.
(g) Trial balance agreement implies that books of accounts are correct.
(h) Opening entries are required for all types of accounts.
(i) Closing entries are needed to close nominal accounts.
(j) Adjustment entries can be recorded only after the preparation of trial balance.