True/False

1. Shipping costs of a good to the customer is never included in the cost of goods sold.

2. Revenues are inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entitys ongoing major or central operations

3.

When a bank requires a compensating balance to be kept in a non-interest bearing account in order to grant a loan, the effective interest rate of the loan is alwayshigher than the stated rate.