True or Fales

1.) The balance sheet is normally the first financial statement prepared.

2.) During periods of rising prices, the use of LIFO will result in larger cost of goods sold than FIFO

3.) Of the three reports (10-k,10-q and 8-k) that publicly traded companies must file with the SEC, the Form 8-k is an annual report.

4.) The allowance for Doubtful Account is an operating expense account.