URGENT: I DONT NEED EXPLANATIONS, I just need only ANSWER ONLY IF ITS TRUE OR FALSE

Points Indicate by choosing the correct option whether the following statement is true or false

Question 1 of 27

1.0 Points Indicate by choosing the correct option whether the following statement is true or false: Financial statements prepared from using the single- entry system are considered unreliable. A. True B. False

Question 2

of 27 1.0 Points State whether the following statement is true or false. Accrued membership fees at the beginning of a financial period will be entered on the credit side of the membership fees account. A. True B. False

Question 3

of 27 1.0 Points State whether the following statement is true or false. If entrance fees need to be capitalised, it means the full amount for entrance fees must be disclosed as income in the income and expenditure statement. A. True B. False

Question 4 of 27

1.0 Points Indicate by choosing the correct option whether the following statement is true or false: The gross profit calculated in the trading statement of a non-profit entity is transferred to income and expenditure statement and is disclosed under income. A. True B. False

Question 5 of 27

1.0 Points Indicate by choosing the correct option whether the following statement is true or false: Prepaid expenses will be disclosed as a separate line item under current assets in the statement of financial position. A. True B. False

Question 6 of 27

1.0 Points Indicate by choosing the correct option whether the following statement is true or false: Drawings and donation of trading inventory is recorded at cost price in the general journal. A. True B. False

Question 7 of 27

1.0 Points One of the steps to calculate sales if no distinction can be made between cash and credit sales, if you want to convert a single-entry system into a double entry system where minimal records are kept, is to calculate the amounts with the aid of the trade receivables control account. A. True B. False

Question 8 of 27

1.0 Points Indicate by choosing the correct option whether the following statement is true or false: The property, plant and equipment note will provide more information such as depreciation rates used for vehicles and equipment as this information is not presented on the face of the statement of position. A. True B. False

Question 9 of 27 1.0 Points State whether the following statement is true or false. Under a periodic inventory system, the cost of sales is not determined at the time of the recording of the sale. A. True B. False

Question 10 of 27 1.0 Points Indicate by choosing the correct option whether the following statement is true or false: The one advantage of using a single-entry system is that financial statement results can be compared on a yearly basis. A. True B. False

Question 11 of 27 1.0 Points Indicate by choosing the correct option whether the following statement is true or false: Accrued income will be added to the trade receivables control account balance to disclose the in the trade and other receivables amount in the statement of financial position at the end of the financial year. A. True B. False

Question 12 of 27 1.0 Points Indicate by choosing the correct option whether the following statement is true or false: At the end of the financial year, after the year-end adjustments are recorded in the general ledger accounts, the accountant will then prepare a post-closing trial balance. A. True B. False

Question 13 of 27 1.0 Points State whether the following statement is true or false. Stationery on hand at the end of the year will be shown as an expense in the statement of profit or loss and other comprehensive income. A. True B. False

Question 14 of 27 1.0 Points State whether the following statement is true or false. Purchases returns will be closed off to the trading account at the end of a financial year. 1 A. True B. False

Question 15 of 27 1.0 Points Indicate by choosing the correct option whether the following statement is true or false: Gizmo Soccer Club will be classified as a non-profit entity. A. True B. False