False, as revenue increases the owners equity if expenses are less than revenues and vice versa.
False
This would be False:The GAAP account equation is Assets = Liabilities + Owners Equity (which includes capital)Therefore the correct equation would be:Assets - Liabilities = Owners Equity (minus not plus)There is no accounting equation that allows to adding assets and liabilities.
false
False, revenue is gain
False
False
false, it is a summary of the three things
True
This would be False:The GAAP account equation is Assets = Liabilities + Owners Equity (which includes capital)Therefore the correct equation would be:Assets - Liabilities = Owners Equity (minus not plus)There is no accounting equation that allows to adding assets and liabilities.
false
False, revenue is gain
False, see Boyle's law
False
Is this answer true or false. Since supplies last for several months it is recorded as owner's equity?
False. Payment of an accounts payable reduces cash and reduces accounts payable. Equity is not affected.
true
False