8. To close a revenue account, debit the revenue account and to close an expense accour credit the expense account A. True. B. False. 9. The purpose of a post-closing trial balance is to: A. Confirm only permanent accounts have balances. B. Provide beginning balances to start the next period C. Be a final check on the equality of debits and credits. D. All of the above. Fiscal years begin with the first day of the month selected and end on the last day of the following twelfth month. A. True. B. False. 10. 11. Which of the following is considered a merchandising business? A. CVS. B. Macy C. TJ Maxx. D. All of the above. 12. Best Buy would normally have a faster operating cycle than Publix. A. True. B. False. Which one of the following is not a difference between a merchandising business and a service business? A. Merchandise inventory included in the balance sheet. B. The inclusion of gross profit in the income statement. C. The accounting equation. D. In what is sold. 13. 14. A perpetual inventory system is a method of record keeping that involves updating the accounting records: A. Whenever merchandise is received. B. At the time of every purchase, sale, and return. C. Only at the end of the accounting period. D. At the end of every day. 15. A statement on which cost of merchandise sold is subtracted from sales to obtain gross profit is a A. Traditional income statement. B. Merchandising income statement. C. Multiple-step income statement. D. Single-step income statement