True or false:

1. The objective of a just-in-time inventory system is to totally eliminate all inventories.

2.The primary difference between manufacturing companies and service companies is that the products provided by service companies are consumed immediately.

3. A corporation must record a liability for cash dividends on the date of record.

4. Stock of a closely-held corporation does not trade on a stock exchange.

5. A banker may perform a financial ratio analysis to assess a firm's ability to repay debt in a timely manner.