True / false
1. Form 10Q is a quarterly report electronically filled with the SEC.
2. Financial statements in the quarterly reports are usually audited to ensure that GAP were followed.
3. The sale returns and allowance account balance should be reported as a deduction from the sales account balance because it is an expense account.
4. If a merchandiser offers a sales discount of 2/10, net/30 on sale of 1000, the amount due in 30 days is the net amount of $980
5. If inventory is sold with terms of FOB destination, goods in transit belong to the seller