Book Keeping & Accountancy State whether the following statements are true or false with reasons

This statement is True.
The credit side of profit and loss A/c represents incomes when the credit side is greater than the debit side (expenses) it shows the Net Profit of the year.

This statement is True.
Goodwill is the reputation or name and fame of a business organization in the market. It is the money value of a business reputation earned by a business. It is an intangible asset.
Fictitious assets are created by accounting entry in the books of accounts it doesn’t have any realizable value.
E.g.: Share issue expenses.

This statement is False.
Income due but not received is an Asset and not a liability.

This statement is True.
Every transaction is recorded through journal or subsidiary books with the principle of the double-entry book-keeping system. Journal and subsidiary books are posted to the ledger account and trial balance is prepared from the balances of the ledger so there are already two effects passed. So every item of Trial Balance has only one effect.

This statement is False.
There are at least two effects in every adjustment of final accounts.

This statement is False.
The working life of fixed assets decreases with passes of time. The value of these assets decreases every year as new technology introduced in the market old becomes outdated so it is necessary to depreciate an asset even it is not in use.

This statement is False.
The balance sheet is a statement prepare at the end of the financial or accounting year. It is not an Account. It gives an idea of Total Assets and liabilities on a particular day.

This statement is False.
Prepaid means paid in advance for the future period. It is the amount paid but has not yet been used up or has not yet expired. So prepaid expenses are an asset.

This statement is True.
Income received in advance is the liability to the business because it has not yet earned the money and the business has an obligation to deliver the goods or services to the customer.

This statement is False.
Closing stock is valued at cost or market price whichever is less. It is based on the theory of anticipated profit is not brought with the account before actual realization or the Principle of conservatism.