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Text[1]=["<b><h3>Right!</b>",""]
Text[2]=["<b><h3>Wrong</b>","Assets are property and tangible and intangible things of value."]
Text[3]=["<b><h3>Wrong</b>","Assets include items such as cash, accounts receivable, inventories and equipment."]
Text[4]=["<b><h3>Wrong</b>","This is the 'abbreviated' accounting equation."]
Text[5]=["<b><h3>Wrong</b>","Since assets (100,000) must equal liabilities (25,000) plus owner's equity, owner's equity is <b>75,000</b>."]
Text[6]=["<b><h3>Wrong</b>","It's debits that increase assets and expense accounts."]
Text[7]=["<b><h3>Wrong</b>","The chart of accounts varies depending on the type of business and the owner's needs."]
Text[8]=["<b><h3>Wrong</b>","Owner's personal expenses and other draws and advances are charged to the owner's drawing account."]
Text[9]=["<b><h3>Wrong</b>","Since liabilities (75,000) plus owner's equity (25,000) must equal assets, assets equal 100,000."]
Text[10]=["<b><h3>Wrong</b>","An investment made by an owner increases not decreases owner's equity (capital)."]
Text[11]=["<b><h3>Wrong</b>","The owner's drawing account normally has a debit balance."]
Text[12]=["<b><h3>Wrong</b>","Supplies on hand is an <b>asset </b>account; it's <b>supplies used or consumed</b> that is an expense account."]
Text[13]=["<b><h3>Wrong</b>","Fees earned is a revenue account."]
Text[14]=["<b><h3>Wrong</b>","Since cash is an asset account, its balance is increased with a debit."]
Text[15]=["<b><h3>Wrong</b>","Since accounts payable is a liability account, its balance is increased with a credit."]
Text[16]=["<b><h3>Wrong</b>","Since fees earned is a revenue account, its balance is increased with a credit."]
Text[17]=["<b><h3>Wrong</b>","The type of account does determine whether a debit or credit increases or decreases an account's balance."]
Text[18]=["<b><h3>Wrong</b>","The income statement is used to report the profit or loss for a period."]
Text[19]=["<b><h3>Wrong</b>","The balance sheet does report a business's financial position as of a specific date."]
Text[20]=["<b><h3>Wrong</b>","All the accounts listed are liability accounts <b>except</b> accounts receivable which is an asset."]
Text[21]=["<b><h3>Wrong</b>","Based on the accounting equation this statement is true. <b>Note:</b> Net assets is another term that is often used to refer to this difference."]



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