URGENT!

True or False:

1. According to the text, the income statement is in fact a subset of the balance sheet, because information from the income statement columns flows into the balance sheet columns.

2. Financial statements should be prepared before any adjustments are made.

3. While most companies make adjustments and prepare statements monthly, many companies complete the accounting cycle only once per year.

4. When initially recording the cost of land purchased, most companies use the current value.