true or false

No SIM 9:14 PM C 36% 15. long term investments can include land not currently being used in operation True or false 16. A classified balance sheet organizes assets and liabilities into important subgroups True or false 17. The first step in the accounting cycle is to analyze and record transactions during the account period true or false 18. The worksheet is used to record transaction as they occur True or false 19. The third closing entry is to close withdrawals to income summary True or false 20. a worksheet is a substitute for the financial statement True or false 21. Of all columns balances upon completion of a worksheet you can be sure that no errors were made in preparing the worksheet True or false 22. When expense exceed revenues there is a loss and the income summary account has a credit balance True or false