true or false

9. Calculate working capital by subtracting current assets from current liabilities. ____ _____

10. The quick ratio is determined by dividing current liabilities into quick assets. ____ _____

11. The current ratio is computed by adding current assets and current liabilities. ____ _____

12. Inventory turnover is the number of times merchandise was sold during the accounting period. ____ _____

13. The purpose of the post-closing trial balance is to prove all journal entries have been posted during the accounting period. ____ _____

14. Adjusting entries make it possible to enter transactions of the succeeding accounting period in a routine manner. ____ _____

15. Reversing entries are used to make corrections to errors made in the prior year. ____ _____