1. A new account is opened for each transaction entered into by a business firm.

1. A new account is opened for each transaction entered into by a business firm.TrueFalse2. The recording process becomes more efficient and informative if all transactions are recorded in one account.TrueFalse3. When the volume of transactions is large recording them in tabular form is more efficient than using journals and ledgers.TrueFalse4. An account is often referred to as a T-account because of the way it is constructed.TrueFalse5. A debit to an account indicates an increase in that account.TrueFalse6. If a revenue account is credited the revenue account is increased.TrueFalse7. If an expense account is credited the expense account is increased.TrueFalse8. Debit and credit can be interpreted to mean increase and decrease respectively.TrueFalse9. The double-entry system of accounting refers to the placement of a double line at the end of a column of figures.TrueFalse10. Liability accounts are increased by debits and have normal debit balancesTrueFalse