80.2K

Verified Solution

Link Copied!

TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 41) Generally accepted accounting principles are the basic assumptions, concepts, and 41)_ guidelines for preparing financial statements. 42) An external transaction is an exchange within an entity that may or may not affect the 42) . accounting equation. 43) The balance sheet reports the financial position of a company at a point in time. 44) Asset accounts are normally decreased by debits. 45) The adjusted trial balance must be prepared before the adjusting entries are made. 46) The periodic inventory system requires updating the inventory account only at the end 43) 44) 45) 46) of the period to reflect the quantity and cost of goods available for sale and the cost of goods sold. 47) Accounting is an information and measurement system that identifies,records, and 47) communicates relevant, reliable, and comparable information about an organization's business activities. 48) Credits always increase account balances. 48) 49) If all columns of a completed work sheet balance, you can be sure that no errors were 49) made in its preparation. 50) n a perpetual inventory system, the Merchandi inventory system, the Merchandise Inventory account must be closed at 50) the end of the accounting period

Answer & Explanation Solved by verified expert

See Answer