5.

Quick assets include cash and other noncurrent assets that can be converted into cash quickly.

True

False

6.

Quick assets include cash and other noncurrent assets that can be converted into cash quickly.

True

False

7.

The income summary account, after adjusting entries are posted, reflects the

a. beginning inventory amount.

b. beginning and ending inventory amounts.

c. cash income from business transactions.

d. ending inventory amount.

8.

Accurate inventory amounts are not necessary for accounting purposes because an error in inventory will "wash out" over a two-year period.

True

False