The purpose of the trial balance is to show the actual value of assets, liabilities, and expenses at a specific point in time.

True

False

Closing entries are needed at the end of the fiscal period to close all ledger accounts.

True

False

A perpetual inventory system gives a continuous record of the amount of inventory on hand.

True

False

A company's cost of merchandise available for sale consists of beginning inventory plus the net cost of purchases minus ending inventory.

True

False

Closing entries accomplish the goal of reflecting revenues and expenses in the owner's capital account.

True

False

Cash expenses are closed out to the income summary account only at the end of the year.

True

False