True/False. 

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  1.  The Statement of Financial Position is another name for the Balance Sheet.
  2. A Balance Sheet prepared after six months in business would be dated "For the Six Months Ending .....".
  3.  Accounts Receivable is a type of Liability.
  4. Sales are not recorded until the cash is received.
  5. Supplies are usually carried on the Balance Sheet at historical cost even if their market value is less.
  6. If Land is listed on the Balance Sheet for $15,000 that means if would probably sell for $15,000.
  7. Mortgage Payable is a type of Liability.
  8. A Retained Earnings account is used by corporations,  but not by partnerships.
  9. The Statement of Activity is another name for the Balance Sheet.
  10. If a company has a positive net income,  cash must have increased during the year.
  11. Assets less Liabilities equals Owner's Equity.
  12. Assets less Owner's Equity equals Liabilities.
  13. Commissions Earned is a type of Liability.
  14. A repayment of the principal on a loan is an expense.
  15. Cash received from a loan is not a revenue.
  16. The amount of Supplies Expense on the Income Statement represents the amount of cash paid for supplies during the year.
  17. The amount of Supplies Expense on the Income Statement represents the amount of supplies used up during the year.
  18. The Statement of Cash Flows is dated as of a single date, such as June 30, 2000.
  19. Repayments of loan principal appear in the Financing Section of the Statement of Cash Flows.
  20. Repayments of loan interest appear in the Operating Section of the Statement of Cash Flows.
  21. Interest Revenue appears in the Investing Section of the Statement of Cash Flows.
  22. Dividends Received on investments appear in the Investing Section of the Statement of Cash Flows.
  23. A purchase of a building for cash appears in the Investing Section of the Statement of Cash Flows.
  24. A sale of land for cash appears in the Operating Section of the Statement of Cash Flows.
  25. The payment of a dividend on the company's own stock is listed as an outflow under the Financing Section of the Statement of Cash Flows.