True/Make true questions in the “Financial Statements”
1. Peachtree automatically calculates financial statements once journal entries have been journalized and posted.
2. In Chapter 7, you printed three financial statements.
3. The statement of cash flow is roughly the same thing as a balance sheet.
4. The balance sheet lists the revenues and expenses of the business.
5. The income statement is a summary of the revenue and expenses of a company for a period of time, such as an accounting period or a year.