1) All else being equal, overstating deferred revenue would overstate capital.

True or False?

2) All else being equal, understating deferred expenses would overstate net income.

True or False?

3) When journalizing the formation of a partnership, assets must be recorded at cost.

True or False?

4) A large retailer, like Wal Mart for example, would be more likely to use a job order cost accounting system than a process cost accounting system.

True or False?

5) Accuracy is a specific component of the IMA's guidelines for professional behavior.

True or False?

6) Questions on the CMA exam focuses primarily on auditing and taxation.

True or False?