Please Answer all Questions Thanks a Ton.........

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1.The information to prepare the Statement of Owner's Equity comes from the:

A. adjustments columns on the worksheet.

B. income statement columns on the worksheet.

C. general ledger.

D. balance sheet columns on the worksheet.

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2.The ending merchandise inventory was overstated. This error would cause:

A. net income to be overstated.

B. Cost of Goods Sold to be overstated.

C. net income to be understated.

D. revenue to be understated.

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3.The left and right columns on the financial statements are used for debits and credits.

True

False

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4.Cost of goods available for sale is equal to beginning inventory + Operating Expense.

True

False

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5.After the closing process, the permanent accounts are set back to zero.

True

False

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6.Reversing entries are the opposite of adjusting entries.

True

False