1. True or False: Cash based Financial Statements follow G.A.A.P. 2. True or False: It would...

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1. True or False: Cash based Financial Statements follow G.A.A.P. 2. True or False: It would be correct for Dividends to be listed on a Post Closing Trial Balance. 3. True or False: Retained Earnings, Accounts Payable, and Prepaid Expenses are all Permanent accounts. 4. The Company owes interest on a loan and has shown this payable in the current liabilities section of the Balance Sheet. The payment is due 6 months after the Balance Sheet date. Is this correct or incorrect 5. A company has grouped an Automobile in the Current Assets section of the Balance Sheet and placed the auto's related Accumulated Depreciation on the Income Statement. The Auto should be used approximately 4 years. Is this correct or incorrect 1. True or False: Cash based Financial Statements follow G.A.A.P. 2. True or False: It would be correct for Dividends to be listed on a Post Closing Trial Balance. 3. True or False: Retained Earnings, Accounts Payable, and Prepaid Expenses are all Permanent accounts. 4. The Company owes interest on a loan and has shown this payable in the current liabilities section of the Balance Sheet. The payment is due 6 months after the Balance Sheet date. Is this correct or incorrect 5. A company has grouped an Automobile in the Current Assets section of the Balance Sheet and placed the auto's related Accumulated Depreciation on the Income Statement. The Auto should be used approximately 4 years. Is this correct or incorrect