Q.State whether the following statements are True or False, with a one-line reason:

A quick true/false drill on three ideas that are easy to blur together if the definitions aren't kept precise. …

1. False. Only transactions of a business that can be measured in money are business transactions; a personal financial transaction of the owner unrelated to the business (e.g. paying his own house's electricity bill from his personal account) is a financial transaction but not automatically a business transaction unless it affects the business's records.
2. True. Because the Double Entry System records both the debit and credit aspect of every transaction, the sum of all debit balances must equal the sum of all credit balances — this equality is what a Trial Balance checks. The Single Entry System, being incomplete, does not allow this check. …

Marking (i) True by conflating 'financial' with 'business-related'; assuming a Trial Balance …