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The prepaid insurance account must be adjusted at the end of a fiscal period because the account balance does not reflect the value of the insurance that expired during the period.
True
False
True
True
False
True
False
True
The totals of a work sheet's Balance Sheet columns should equal the totals of the Income Statement columns.
True
False
True
True
False
True
False
True
Income Summary is a temporary account.
True
False
True
True
False
True
False
True
There will be a net loss if the Income Statement Debit column total is larger than the Income Statement Credit column total.
True
False
True
True
False
True
False
True
The federal income tax rate increases as the net income before federal income tax increases.
True
False
True
True
False
True
False
True
The value of prepaid insurance not expired during a fiscal period is an asset.
True
False
True
True
False
True
False
True
A net income amount is extended to the Balance Sheet Debit column.
True
False
True
True
False
True
False
True
The balance of Merchandise Inventory in the Trial Balance columns represents the beginning balance plus all purchases of merchandise made in the fiscal period.
True
False
True
True
False
True
False
True
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