True – False Chapter 2 Study Guide For College Accounting

False
True or False
The net income or net loss for the period is shown in the Assets section of the balance sheet.
True
True or False
The income or net loss for the period is shown on both the income statement and the statement of owner’s equity.
False
True or False
The collection of cash from accounts receivable increases owner’s equity.
True
True or False
Expenses decrease owner’s equity.
False
True or False
Revenue decreases owner’s equity.