Question 35 How many of the following statements is/are FALSE? 1. An increase in revenue is on the credit side hence a decrease in expense is also on the credit side. 2. A balanced trial balance means that the recording is free from errors. 3. A simple entry has only one debit and credit while a compound entry has two or more debits and credits. 4. Tangible assets have values but intangible assets have no values. 2 1 3. 4

Question 35 How many of the following statements is/are FALSE? 1. An increase in revenue is on the credit side hence a decrease in expense is also on the credit side. 2. A balanced trial balance means that the recording is free from errors. 3. A simple entry has only one debit and credit while a compound entry has two or more debits and credits. 4. Tangible assets have values but intangible assets have no values. 2 1 3. 4

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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