| A | B |
|---|
| The total financial claims do not havae to equal the total cost of the property. | False |
| The increases and decreases caused by business transactions are recorded in specific accounts. | True |
| Afer each transaction, the basic accounting equation should remain in balance. | True |
| The free enterprise system is based on the right to own property. | True |
| The owner's claims to the assets of a business are liabilities. | False |
| An account is a record of only the increases in the balance of a specific item such as cash or equipment. | False |
| A creditor has a financial claim to the assets of a a business. | True |
| A business transaction affects at least two accounts. | True |
| "Assets + Liabilities = Owner's Equity" is another way to express the basic accounting equation. | False |
| One of the purposes of accounting is to provide financial information about property and the rights to that property. | True |
| Classify Cash in Bank | Asset |
| Classify Repair tools | Asset |
| Classify Accounts Receivable | Asset |
| Classify Computer Equipment | Asset |
| Classify Roberta Saba, Capital | Owner's Equity |
| Classify Office Supplies | Asset |
| Classify Accounts Payable | Liability |
