QUESTION 16 We use all asset and liability account balances, as well as revenue and expense accounts to create a balance sheet. 1 True False SEE BOCDE Sales revenues are earned after the period cash is collected. O True False QUESTION 14 The operating cycle of a company is the average time required to manufacture the products. True False Under the FIFO method, the costs of the latest units purchased are the first charged to cost of goods sold. O True False IDEESEES