Answer the following statements true (T) or false (F)
1. A perpetual inventory system continually updates accounting records for merchandising
transactions.
2. Beginning inventory plus net purchases equals merchandise available for sale.
3. The acid-test ratio is also called the quick ratio.
4. Quick assets include cash and cash equivalents, inventory, and current receivables.
5. The acid-test ratio is defined as current assets divided by current liabilities.
1. TRUE
2. TRUE
3. TRUE
4. FALSE
5. FALSE
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