True or False-In horizontal analysis, the base year is the most recent year.

True or False- Interest on bonds must be paid in full even when the corporation operates at a loss.

True or False- The amount received in excess of the par value of preferred stock issued is recorded in an account called Paid-in Capital in Excess of Par Value-Preferred Stock.

True or False- Amortizing bond premiums over the period from the issue date to the maturity date reduces bond interest expense shown on the income statement.

True or False- The Bonds Payable account would be credited for $104,000 to record the issuance of $100,000 par value, 10 percent bonds at a market price of 104

True or False- A legal partnership does not exist unless there is a written partnership agreement.

True or False- Land purchased for a future building site or as an investment would not be shown in the Property, Plant, and Equipment section of the balance sheet.

True or False- Investors will pay an amount greater than the face amount of a bond if the face interest rate on bonds is greater than the market interest rate.

True or False-When common stock is issued, the par value, or stated value, of the shares issued is recorded in the Common Stock account.

True or False-Quick assets include cash, receivables, and inventories.