$1)$ Companies incur utility costs for their properties including water, electricity, and gas usage. These costs should be reflected on a company's income statement each period.

Group of answer choices

True

False

$2)$ Using US$-$GAAP accounting rules, company revenues$/$sales should be recognized when earned, regardless of cash collected.

Group of answer choices

True

False

$3)$ A sole proprietorship is a business with one or multiple owners.

Group of answer choices

True

False

$4)$ A partnership company does not pay taxes, but instead, any partnership income is reported by each individual partner for tax purposes.

Group of answer choices

True

False

$5)$ The four common forms of for$-$profit business ownership include sole proprietorship, partnership, limited liability company $($LLC$),$ and corporation.

Group of answer choices

True

False

$6)$ Employees of a retail company are considered and recorded as assets of the company.

Group of answer choices

True

False

$7)$ Revenues$/$Sales are increases in company equity $($via net income$)$ from a company's sale of products and services to customers.

Group of answer choices

True

False

$8)$ Cash of a company is shown on the company's balance sheet as an asset.

Group of answer choices

True

False

$9)$ Wages paid to employees are expenses revealed on the company's income statement.

Group of answer choices

True

False

$10)$ A net loss occurs for a business when revenues exceed expenses.

Group of answer choices

True

False