6. After posting the closing entries, all the accounts have a zero balance.

7. Revenue is also called or referred to as Income.

8. Assets of a business are subject to two kinds of claims, those of the creditors and those of the owners.

9. All accounts have a normal balance which is either a debit or credit balance.

10. The left side (column) of an account is the credit side and the right side of an account (column) is the debit side.