Please help on these 5 True or False Accounting questions?

1. Keeping personal and business records separate is an application of the business entity.


2. Assets such as cash and supplies have value because they can be used to acquire other assets or be used to operate a business.


3. The relationship among assets, liabilities, and owner鈥檚 equity can be written as an equation.


4. The accounting equation does not have to be in balance to be correct.


5. The sum of the assets and liabilities of a business always equals the investment of the business owner.





Please help on these 5 True or False Accounting questions?
1) True


2) True


3) True O.E. + Liabilities = Assets


4) False, they always have to balance!


5) False, The sum of the O.E. and Liabilities have to equal the assets.