True$/$False

A worksheet is a mandatory form that must be prepared along with an income statement and balance sheet.

Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year.

The owner's drawing account is a permanent account whose balance is carried forward to the next accounting period.

Both correcting entries and adjusting entries always affect at least one balance sheet account and one income statement account.

The post$-$closing trial balance will contain only owner's equity statement accounts and balance sheet accounts.

Reversing entries are an optional bookkeeping procedure.