2. T/F Financial statements are reports that summarize the financial condition and operations of a

2. T/F Financial statements are reports that summarize the financial condition and operations of a

3. T/F The accounting equation is: Assets= Liabilities + Owner s Equity.
4. T/F Each fraction changes the balance of only one account
5. T/F Assets taken out of a business for the owner s personal use are called withdrawals.
6. T/F The two types of equity are liabilities and owner s equity
7. T/F Cash, supplies, and prepaid insurance are liability accounts.
8. T/F The financial rights to the assets of a business are called equities.
9. T/F The terms Business Entity, Unit of Measurement, and Realization of Revenue are examples of accounting concepts.
10. T/F A business that perform an activity for a fee is called a service business.
11. T/F The name given to an account is called an account title
12. T/F A normal business activity that changes assets, liabilities, or owner s equity is called a transaction.
13. T/F a proprietorship has limited liability

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