Notes receivable are typically only used when a company sells large dollar value items (such as cars).

True

False

Depreciation is an allocation method, not a valuation method.

True

False

Because it is an expense account, the Sales Returns & Allowances account balance is deducted from the Sales Revenue account balance in determining net sales.

True

False

A company performs a service, sells inventory that it purchases from others, or manufacturers a product; it cannot serve more than one of these functions.

True

False