True/False Questions 1. Expenses are listed on the income statement as they appear in the chart of accounts or in descending order (by dollar amount). 2. Additional investments of capital during the...

1. Expenses are listed on the income statement as they appear in the chart of accounts or in descending order (by dollar amount).

2. Additional investments of capital during the month are not reported on the statement of owner’s equity.

3. The income statement cannot be prepared using the work sheet alone.

4. A classified balance sheet groups similar items, such as current assets together.

5. Temporary accounts are closed at the end of each accounting period.