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TRUE OR FALSE: Read each sentence carefully and determine whether the statement is True or False. Write your answers in the space provided before the number. 1. The SCl is a picture of the results of operations of the company as of the cut- off-date. 2. The major elements of the SCl are income and expenses. 3. Cost of sales is computed as cost of goods available for sale less ending inventory.

TRUE OR FALSE: Read each sentence carefully and determine whether the statement is True or False. Write your answers in the space provided before the number. 1. The SCl is a picture of the results of operations of the company as of the cut- off-date. 2. The major elements of the SCl are income and expenses. 3. Cost of sales is computed as cost of goods available for sale less ending inventory.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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TRUE OR FALSE: Read each sentence carefully and determine whether the statement is True or False. Write your answers in the space provided before the number. 1. The SCl is a picture of the results of operations of the company as of the cut- off-date. 2. The major elements of the SCl are income and expenses. 3. Cost of sales is computed as cost of goods available for sale less ending inventory. 4. Expense recognition strictly requires the matching of expenses against revenue. 5. Goods returned by customers are immediately deducted to the Sales Revenue account. 6. Temporary accounts are also called real accounts. 7. Cost of Sales is a major expense of a merchandiser which represents the cost of buying the merchandise which were sold to obtain a revenue. 8. Losses are the income from non-business-related transactions. 9. Revenue result in increase in equity and therefore has a credit normal balance. 10. Revenue result in increase ih equity and therefore has a credit normal balance.
Transcribed Image Text:TRUE OR FALSE: Read each sentence carefully and determine whether the statement is True or False. Write your answers in the space provided before the number. 1. The SCl is a picture of the results of operations of the company as of the cut- off-date. 2. The major elements of the SCl are income and expenses. 3. Cost of sales is computed as cost of goods available for sale less ending inventory. 4. Expense recognition strictly requires the matching of expenses against revenue. 5. Goods returned by customers are immediately deducted to the Sales Revenue account. 6. Temporary accounts are also called real accounts. 7. Cost of Sales is a major expense of a merchandiser which represents the cost of buying the merchandise which were sold to obtain a revenue. 8. Losses are the income from non-business-related transactions. 9. Revenue result in increase in equity and therefore has a credit normal balance. 10. Revenue result in increase ih equity and therefore has a credit normal balance.
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