| A | B |
|---|
| Income from Fees is a permanent account. | False |
| Liability, revenue, and withdrawal accounts all have normal credit balances. | False |
| Liability, expense, and capital accounts all have normal credit balances. | False |
| The rules of debit and credit for expense accounts are the same as the rules for asset accounts. | True |
| Permanent accounts start each accounting period with a zero balance | False |
| The total of all accounts with normal debit balances should equal the total of all accounts with normal credit balances if the rules of debit and credit were followed correctly. | True |
| The withdrawal of cash by the owner of a business decreases owner's equity. | True |
| Expenses decrease owner's equity and are recorded as debits. | True |
| A business should have separatae accounts for recording revenue and expenses. | True |
| Expenses have the opporite effect from revenue on the capital account. | True |
| Temporary capital accounts are extensions of the owner's capital account. | True |
| Permanent accounts start each accounting period with a zero balance. | False |
