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True or False Quiz
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1
The first quarter is October, November, and December.
A)True
B)False
2
The March 1 Trial Balance shows the same account balances as the February 28 trial balance.
A)True
B)False
3
The bank sends verification of credit card receipts.
A)True
B)False
4
To check the amount of inventory available, print the Inventory Valuation Summary.
A)True
B)False
5
The A/P Aging Summary shows the same balance as Account 105 Accounts Receivable.
A)True
B)False
6
The Inventory Valuation Summary shows the same balance as Account 115 Merchandise Inventory.
A)True
B)False
7
In Chapter 10, the trial balance does not show a balance for Account 318 Retained Earnings.
A)True
B)False
8
Net income is determined by subtracting total Expenses from the Gross Profit amount.
A)True
B)False
9
In Chapter 10, Cloud_Ware received all customer payments due.
A)True
B)False
10
The account type for Account 101 Checking is Bank.
A)True
B)False





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