the capital account is the owners liability account * 2 points true false a balance sheet has 3 major…

the capital account is the owners liability account * 2 points true false a balance sheet has 3 major sections: assets and liabilities are on the left * 2 points side and owners equity is on the right side true false the accounting equation must be in balance after each transaction to be * 2 points correct true false

the capital account is the owners liability account * 2 points true false a balance sheet has 3 major sections: assets and liabilities are on the left * 2 points side and owners equity is on the right side true false the accounting equation must be in balance after each transaction to be * 2 points correct true false

Answer

Brief Explanations:

  1. The capital account represents the owner's equity, not liability. So the first statement is false.
  2. On a balance - sheet, assets are on the left side, and liabilities and owner's equity are on the right side. So the second statement is false.
  3. The accounting equation (Assets = Liabilities + Owner's Equity) must balance after each transaction for the accounting records to be correct. So the third statement is true.

Answer:

  1. False
  2. False
  3. True