18. T/F The information needed to prepare a balance sheet is obtained from a work sheet’s Account Title column and the Balance Sheet columns.
19. T/F Reporting revenue earned and the expenses incurred to earn that revenue in the same fiscal period is an application of the accounting concept” Matching Expenses with Revenue”
20. T/F Expense accounts are closed by posting a credit to each expense account and debiting the income summary for the total of all expense account balances