5) Which of the following statements is Not True: A sale occurs any time an actual payment, or obligation to pay, is received Sales and Orders must be recorded on the income statement. Backlog' reflects all orders for products. Sales may impact either the Cash or Accounts Receivable accounts. 6) Which of the following statements does Not reflect an Operating Expense: Base wages paid to company sales staff Commission paid to sales staff Wages paid to manufacturing employees Wages paid to Executive management 7) Generally Accepted Accounting Practices are a set of practices and definitions maintained by the Securities and Exchange Commission: True False 8) Which of the following formulas /S correctly stated: Assets Equity - Liabilities Income Sales - (Starting Inventory - Ending Inventory) Net Working Capital = Current Assets - Current Liabilities Cost of Goods Sold = Starting Inventory - Purchases - Ending Inventory