Consider the following questions:
1. Anything of value that a business owns is caled an equity?
2. A listing of the accounts in the general ledger is called trail balance?
3. Revenues are increased in owners equity as a result of operations?
4. Expenses result from using up assests in the process of generating revenue?
5. The first book of orginial entry in which the transcation of a business enterpirse are recorded is caller general ledger?