True/False Questions:

____ 31. During inflationary periods, the use of the FIFO method of costing inventory will result in a greater amount of Net Income than would result from the use of the LIFO cost method.

____ 32. The Financial Accounting Standards Board (FASB) is the authoritative body that has primary responsibility for developing accounting principles.

____ 33. If ending inventory for the year is overstated, owner's equity reported on the balance sheet at the end of the year is understated.

____ 34. In a multi-step income statement, the dollar amount for income from operations is always the same as net income.

____ 35. When specialized journals are used by a business, a general journal is no longer needed.