True / False Questions
1.The year for which companies prepare their financial statements is their fiscal year.
2.Generally accepted accounting principles require that a business's fiscal year must end on December 31.
3.A list of a company's ledger accounts and their account numbers is a chart of accounts.
4.Source documents provide information that serves as the basis for entries into the accounting system. Examples of source documents include invoices and deposit tickets.
5.A company's general ledger provides a chronological record of its business transactions.
6.The general journal is a list of a business's accounts and their account numbers.
7.An increase to the account Dividends would be recorded as a debit; as a result, the account Dividends normally has a debit balance.
8.A liability account normally has a debit balance.
9.The balance in Retained Earnings is decreased by debiting the account.
10.The left side of a T-account is the credit side.