Only legal entities can be accounting entities under accounting conventions. True or False?

A cash receipts journal is a special journal used to record all cash disbursement.

A bank service charge on the bank statement will require a _____________ to the general ledger account 'Cash at Bank' of the business.

Which of the following is a current liability?

A petty cash expenditure would be recorded and debited to which account?

If the asset side of the accounting equation represents the 'things of value in the business', what does the other side represent?

What does a debit balance on a bank statement indicate?

A chart of accounts is an index of the accounts contained in the ... ?

Which of the following statements in relation to materiality is true? I. Materiality of item depends on their individual or collective influence on the economic decisions of users. II.Materiality of an item depends on its absolute size and nature

Accounting for inventory by applying the lower of cost or net realizable value is an example of the application of:

XYZ Co. has current assets of $50,000 and total assets of $150,000. XYZ has current liabilities of $30,000 and total liabilities of $80,000. What is the amount of XYZ's owner's equity?