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true or false.

1-Financial analysts utilize a company's financial reports to assist them in making earnings forecasts and earnings per share projections.

2-The primary responsibility for the information in a corporation's financial statements lies with the chief executive officer (CEO) and the chief financial officer (CFO).

3-When goods are shipped FOB destination, the revenue from the sale is recognized on the shipment date.

4-Credit card discounts are reported as operating expenses on an income statement.

5-Sales returns and allowances is a contra-revenue account.

6-When using the percentage of credit sales method, net sales multiplied by a historical percentage for credit losses equal bad debt expense.

7-When completing the bank reconciliation, bank service charges should be deducted from the company's cash balance.

8-Deposits in transit are deducted from the bank balance when preparing the bank reconciliation.

9-During periods of increasing unit costs, the LIFO inventory method results in lower income taxes

10-The FIFO inventory method allocates the earliest inventory purchase costs to ending inventory.

11-During periods of decreasing unit costs, use of the FIFO inventory method results in lower gross profit than would use of the LIFO method

12-An increase in inventory is subtracted from net income when determining cash flow from operating activities.