The account format simply lists the assets, followed by the liabilities then by the owner’s equity

in vertical sequence.
-FALSE

Which of the following is (are) true regarding the characteristics of adjusting entries?
-ADJUSTING ENTRIES ALLOWS FOR THE PROPER APPLICATION OF THE REVENUE RECOGNITION
PRINCIPLE
- ADJUSTING ENTRIES ALLOWS FOR THE PROPER APPLICATION OF THE MATCHINIG PRINCIPLE

Acquiring a computer for cash is just exchanging one asset for another and will not result in an
expense even in the future periods.
-FALSE