true or false

1. The current ratio is used to evaluate the ability of a buildings to meet its short term debit obligations rue or false 2. A worksheet is prepared before posting the adjusting entries into the general ledger account rue or false 3. A post cling trail balance is a list of permanent accounts and their balances from the lediger after all closing entries are journalists and posted True or false 4. Income summary is a temporary account rue or false 5. An expense account is normally closed by debuting income summary and crediting the expense account True or false 6. Current assets and current liabilities are expected to be used up or come due within one year of the company operating cycle True or false 7. An unclassified balance sheet provides more information to users than a classified balance sheet True or false 8. Closing entries are needed at the end of the fiscal period to close all ledger accounts True or false 9. To prepare the balance sheet all necessary numbers can be found in the balance sheet columns of the worksheet including ending capital True or false 10. After posting the entries to close all revenue and expense accounts the income summary account of Waif services had a 4000 debit balance. This shows that Waif services earned a profit of 4000 True or false 11. On a worksheet the adjusted balances for the revenue and expense accounts are sorted to the income statement columns True or false 12. Revenue accounts should begin each accounting period with zero balances True or false 13. Asset liability and revenue accounts are not closed as long as a company continues in business True or false 14. Revenue and expense accounts are permanent accounts and should not be closed at the end of the fiscal period True or false