To follow are a series of statements about financial statement formatting. Using the general formatting guidelines, indicate whether each statement is true or false. Question content area bottom Part 1

Statement True or False?

1. An 8-point font should be used for financial statements.

2. Calibri is a recommended font for financial statements because it was designed to make both numbers and text more readable.

3. Cells containing subtotals should have double lines placed at the bottom of the cell.

4. Financial statements should have a single line above and a double line below all cells containing a total.

5. Numbers in a financial statement should be centered.

6. A formatting style that displays dashes rather than zeroes in financial statements should be used.

7. Dollar signs should normally only be used in each cell containing the first number in each column, each subtotal number, and each total number.

8. Numbers in a financial statement can have a different number of decimal places displayed as long as the number of decimal places displayed is consistent within each row (i.e., one row of numbers could display with one decimal place, while another row could display with two decimal places.)

9. Column headings should be centered and wrapped to fit the column width.

10. Financial statement headings should be left justified.