ACCOUNTING FOR MANAGERS

TRUE OR FALSE

TE 1-Stockholders equity accounts are increased by credits. 2-inventory is considered an asset. 3-collecting cash for work done in a prior period will result in an increase in stockholders equity. 4-collecting cash for work done in a prior period will will increase the current ratio. 5-Making a sale on account decreases the current ratio 6-if beginning assets are 100,000 and beginning liabilities are 35,000 and ending assets are 120,000 and ending liabilities are 50,000. Net income for the second year was $ 15,000. This implies Dividends of $ 15,000 were paid