True/False 1 Accumulated Depr Accumulated Depr Accumulated Depr 2 The dividends account is a temporary account 3 The accumulated depreciation account is closed to the income summary account. 4 Office Equipment is an example of a current asset account TRUE The amount of the net income for a period appears on both the income 5 statement and the balance sheet for that period. 6 Generally accepted accounting principles require accrual -basis accounting 7 Unearned revenue is a liability 8 The financial statements are prepared from the unadjusted trial balance. After analyzing transactions, the next step would be to post the transactions in the 9 ledger 10 Prepaid Insurance is an example of a current asset