Question 1 In Bookkeeping we Debit money paid out of the Ban

Question #1: In Bookkeeping, we Debit money paid out of the Bank Account and Credit money coming in.

True

False

Question #2: Capital Expenditure is the acquisition cost of fixed assets and other related costs.

True

False

Question #3: The list of ASSETS AND LIABILITIES is called a BALANCE SHEET

True

False

Question #4: Liabilities are things OWED by the business.

True

False

Question #5: Assets are thing that are OWNED by the business.

True

False

Solution

(1) False

     We debit the money coming in & Credit the money paid out

(2) True

Capital Expenditure is the acquisition cost of fixed assets and other related costs.

(3) True

The list of ASSETS AND LIABILITIES is called a BALANCE SHEET

(4) True

Liabilities are things OWED by the business.

(5) True

Assets are thing that are OWNED by the business.