1. Accounts are records of increases and decreases in individual financial statement items. True False 2. A chart of accounts is a listing of accounts that make up the journal. True False 3. The chart of accounts should be the same for each business. True False 4. Accounts payable are accounts that you expect will be paid to you. True False 5. Consuming goods and services in the process of generating revenues results in expenses. True False 6. Prepaid expenses are an example of an expense. True False 7. Unearned Revenues account is an example of a liability. True False 8. The Drawings account is an example of an expense. True False 9. Accounts in the ledger are usually maintained in alphabetical order. True False 10. Depending on the account title the right side of the account is referred to as the credit side. True False 11. To determine the balance in an account always subtract credits from debits. True False 12. The double-entry accounting system records each transaction twice. True False 13. The increase side of all accounts is the normal balance. True False 14. Transactions are initially entered into a record called a journal. True False 15. The process of recording a transaction in the journal is called journalizing. True False
