True or False for the following statements:
True or False for the following statements:
1. Accounting can be defined as an information system that provides reports to users about the economic activities and condition of a business.
2. An
3. The allowance for doubtful accounts is an estimate based on past experience of the corporation.
4. Using FIFO method to calculate inventory can decrease tax payment.
5. The
6. If the liabilities owed by a business total S300,000 and owners equity is equal to $300,000, then the assets also total $300,000.
7. An account receivable is a claim against a customer arising from a sale on account.
8. The unit of measure concept requires that economic data be recorded in a common unit of measurement like RMB and U.S. dollar.
9. Paying off an account payable increases liabilities.
10. The normal balance of cash account is a debit.
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