TRUE OR FALSE

1. A worksheet is prepared primarily for the preparation of the financial statements.

2. The trial balance is the end process of the accounting cycle.

3. Accounts receivable is an example of a real account.

4. The financial statements are prepared only after the adjusting entries are made.

5. All adjusting entries can be reversed.

6. Closing entries are made to "zero out" the balances of all nominal or temporary accounts in the ledger.

7. The unexpired portion of an item of expense that was paid in advanced is recognized as an expense.

8. The amounts in the "post-closing trial balance" represent the beginning balances of accounts of accounts in
the next accounting period.

9. In the income statement column of the worksheet, if total debit exceeds total credit, there is profit.

10. Worksheets are prepared only in the classroom. They are not prepared in real life.