1.

Net income cannot be manipulated by making purchases at the end of the year when using the first-in, first-out inventory costing method.

Group of answer choices

True

False

2.

Outstanding checks of a depositor will cause the balance of the Cash account in the depositor's books to be larger than the balance reported by the bank, all other things being equal.

Group of answer choices

True

False

3.

The functions of handling cash receipts and cash disbursements should be completely separated, if possible.

Group of answer choices

True

False