Mr. Etemadi has prepared the following list of statements about service companies and merchandisers. Identify each statement as true or false.

1.		Measuring net income for a merchandiser is conceptually the same as for a service company.		select an option FalseTrue
2.		For a merchandiser, sales less operating expenses is called gross profit.		select an option FalseTrue
3.		For a merchandiser, the primary source of revenues is the sale of inventory.		select an option FalseTrue
4.		Sales salaries and wages is an example of an operating expense.		select an option FalseTrue
5.		The operating cycle of a merchandiser is the same as that of a service company.		select an option FalseTrue
6.		In a perpetual inventory system, no detailed inventory records of goods on hand are maintained.		select an option TrueFalse
7.		In a periodic inventory system, the cost of goods sold is determined only at the end of the accounting period.		select an option FalseTrue
8.		A periodic inventory system provides better control over inventories than a perpetual system.		select an option FalseTrue