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Part V. True/False (5 points) For each question below, please mark if the statement is True or False. T F 1. A purchase o
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Answer #1

1. This statement is true. Because the balance of debit as well as credit side will be increased by same amount so both sides will have a equal amount. Recording prepaid insurance will increase the asset side and recording account payable will increase the credit side. So trial balance will be matched.

2. This statement is wrong. Adjustment entries never affect cash balance. It always shows the actual cash available at the date of balance sheet

3. This statement is wrong because GAAP are set by FASB.

4. This statement is wrong because they are part of biological operation expense.

5. This statement is wrong because although cash and depreciation have a debit balance, dividends are short term liabilities and hence show a credit balance.

Feel free to ask any queries..

Also plz upvote it means a lot .. thank you

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