Question 1 Question text Assets are economic resources of a business expected to be of benefit in the future. Select one

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Question 1
Question text
Assets are economic resources of a business expected to be of
benefit in the future.
Select one:
True
False
Question 2
Question text
A transaction always involves exactly two accounts.
Select one:
True
False
Question 3
Question text
Unearned revenue recorded initially as revenue is adjusted by
debiting a liability account.
Select one:
True
False
Question 4
Question text
Payments for advertising, equipment repairs, utilities, and rent
are liabilities.
Select one:
True
False
Question 5
Not yet answered
Generally Accepted Accounting Principle is general law or rule
followed in the preparation of financial statements.
Select one:
True
False
Question 6
Question text
Since the life of the business is assumed to be indefinite, the
financial statement of the business should be prepare only when it
goes into liquidation.
Select one:
True
False
Question 7
Question text
According to money measurement concept, the efficiency of the
top management of the business must be clearly recorded in the
books of accounts
Select one:
True
False
Question 8
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In accountancy, all business transactions are recorded as having
dual aspect.
Select one:
True
False
Question 9
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Signing an contract with a vendor that designates the price of a
product and a minimum purchase level is considered a recordable
transaction.
Select one:
True
False
Question 10
Question text
Accounting periods should be of equal length to facilitate
comparisons between periods.
Select one:
True
False