True Or False

Adjusting entries must be complete each week. An adjusting entry impacts 1 income statement and 1 balance sheet account only. Adjusting entries from the worksheet are not recorded in the general journal or general ledger. Deferrals expire over the passage of time or use. Accruals are made to recognize revenues or expense; and cash has not been paid. Profit is the difference between net income and all expenses. A debit to unearned service revenue represents an accrual of revenue. A worksheet is optional in standard accounting practice. The profit margin ratio is of little importance to management. It is only for investors. A fiscal year must end on December 31