Part One-Iilentifying Accounting Terms

Part Four-Analyzing a Balance SheetDirections: Place a I for True or an F for Fals€ in the Answers column toshow whether each of the following statements is true or false.Answcft1. A balance sheet may be prepared on any date. (p. 30)1.2. The accounts on the left side of the accounting equation are reported on the left side of the 2.balM.e sheet. (p. 30)3, Few business€g ne€d to prepare a balance she€t every day. (p. 30)4. The balance sheet reports the balances oI lhe asset, liability, and owner's equity accounts. 4.(p. 30)5. The heading of a balance sheet contains the name of the business, name of the rcport, and 5.date of the repo . (p.30)6. The a€counts on the left side of the accounting equation include the liabililies and owne/s 6.equity. (p. 30)7. The total of the left side of the balance sheet is equal to the right side, and these totals need 7.not be on the same line. (p. 30)8. Asset accounts are shown on the right side of the balance sheet, (p. 30)9. Owner's equity accounls are presented above liability accounts on the balance sheet. (p.30) 9.8 . $udy Guids CENrurY 2l AccouNnNG, 7TH EoTtoN