14. s. Which figure is always larger net sales" or "gross profit 9. A general ledger has how many money columns 10. Why do we do a trial balance 11. Our bookkeeper recorded a $500 check that we wrote for $50 - our book balance is understated T/F 12. Give an example where accounting uses estimates. 13. True or False A balance sheet is a good way to determine what a company is worth. Give the formula for computing the interest earned this period. 15. What does GAAP stand for? 16. We buy 1@20, then 5@40 then 4@60. We Sell 8@100. Give the gross profit under avg cost 17. If an asset is bought in the february, which will result in the company having a higher net income in year 1- using half year convention or not using half year convention - answer and explanation are required 18. "interest on interest" this expains what term (one or two words are needed) 19.20 years ago we bought land for $30,000 that is now worth $550,000. Our current balance sheet shows it for $ 20. T/F and explain: "debits always make accounts go up