1. Under FIFO inventory cost flow assumption, the cost of the most recent purchase matches first with sales revenues. *

A) True

B) False

2. The account Inventory will appear on the balance sheet as a current asset at an amount that often reflects the cost of the merchandise on hand. *

A) True

B) False

3. The distribution of the companys capital structure between debt and equity can be revealed by examining the common size balance sheet. *

A) True

B) False

4. The time period assumption assumes a two year time frame with interim reporting occurring daily and weekly. *

A) True

B) False

5. The SEC requires all public companies to file a Form 10-K report annually. *

A) True

B) False