B - True or False. Read each sentences carefullyand determine whether the statement is correct ornot. Write your answers on the space providedbefore the number.11. Revenue result in increase in equity andtherefore has a credit normal balance.12.Expenses decrease assets and thereforehave credit normal balances.13.Goods returned by customers are addedto the Sales Revenue account.14.The major elements of the incomestatement are income and expenses.15. Cost of sales is computedas cost of goods available for sale less endinginventory.

Answered: efore the number. 11. Revenue result in…

efore the number. 11. Revenue result in increase in equity ar herefore has a credit normal balance. 12.Expenses decrease assets and therefo nave credit normal halances

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

B - True or False. Read each sentences carefully
and determine whether the statement is correct or
not. Write your answers on the space provided
before the number.
11. Revenue result in increase in equity and
therefore has a credit normal balance.
12.Expenses decrease assets and therefore
have credit normal balances.
13.Goods returned by customers are added
to the Sales Revenue account.
14.The major elements of the income
statement are income and expenses.
15. Cost of sales is computed
as cost of goods available for sale less ending
inventory.

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