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-G5 SEC1 m/forms/d/e/1FAIpQLSeznHIM6zCP5brMbeJF7EB1GOGKRjn4nR-3hFwEJ2xn4RhstQ/formResponse 7. The amount of gross profit for a merchandising business will be the same under both the accrual basis and the cash basis of accounting. O True O False 8. A classified multiple-step income statement is a format that shows intermediate totals between sales and net income and detailed calculations of net sales and cost of goods sold. True False 9. Some businesses use only one account to keep track of the amount of goods and services tax (GST) and/or Harmonized Sales Tax (HST) owed or owing. True O False 10. When a single goods and services tax (GST) or Harmonized Sales Tax (HST) account is used, a credit balance in the account means that the government Owes money to the business. L