1)Adjusted trial balance is the same as the post-closing trial balance except that the first one does not contain the revenues, expenses, and drawings accounts

True

False

2)FOB destination is a shipping term that would typically means that the seller has to pay the freight charges

True

False

3)FOB shipping point is a shipping term that would typically means that the seller has to pay the freight charges

True

False

4)After closing the accounts of revenues and expenses to income statement, the revenues balance is zero

True

False

5)3/10, n/30 is a credit term that allow for 3% discount within the period of 30 days

True

False

6)2/10, n/45 is a credit term that allows for a 2% discount within 10 days of the purchase and no discount at all within 55 days of the date of the purchase

True

False