Answer the following statement(s) true (T) or false (F)
1. The elements of the accounting equation (assets, liabilities, and owners’ equity) are reflected in the balance sheet and the income statement.
2. A balance sheet indicates the firm’s financial position as of a particular point in time.
3. Cash, inventory, and store equipment are all included in current assets.
4. All long-term assets, including land, are depreciable.
5. Working capital is the difference between current assets and current liabilities.
1. FALSE
2. TRUE
3. FALSE
4. FALSE
5. TRUE
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