TRUE OR FALSE

PARTI TRUE OR FALSE QUESTION (20 Points) 1. T F Rent paid in advance is an expense. 2. T F Posting means transferring information from the ledger to the journal. 3. T F Compound journal entries must have no more than three credits. 4. T F Posting can only be done once a month. 5. T F The trial balance is in the same order as the chart of account. 6. T F If a journal entry is posted, no correction can be made. 7.1 F A balance sheet is always prepared before the income statement 8. T F Withdrawal will reduce owner's equity on the income statement 9. T F Revenue inflow can only be in the form of cash. 10. T F SOX (Sarbanes-Oxley) Act is a Federal statute passed to prevent accounting frauds at public companies