TRUE OR FALSE

1. According to double-entry bookkeeping system, every transaction has two effects. the debit effect and the credit effect.
2. Duality Is the underlying concept behind the double-entry bookeeping system.
3. Liabilities must be equal to the sum at assets and owner's equity.
4. Owner's equity Is the difference between assets and liabilities.
5. The sum of current assets and current liabilities is the working capital
6. At all times, the balance In the accounting equation should be preserved.
7. Change or movement on account may be increase. decrease, or no change or movement at all.
8. Journals and ledgers are books of accounts.
9. All accounts have the some normal balances.
10. The basic accounting equation has two sides, the left side which is credit, and the right side, which is debit.