Q • Question 1 0.2 out of 0.2 points The differences between service and merchandising businesses are NOT reflected in their financial statements. Analyze the truth of this statement. • Question 2 0.2 out of 0.2 points The Income Statement is prepared in the same format for a merchandising business and a service business. Analyze the truth of this statement. • Question 3 0.2 out of 0.2 points The steps for completing an accounting cycle for a merchandising business are the same as for a service business. Analyze the truth of this statement. • Question 4 0.2 out of 0.2 points For a merchandising business, the closing entries are journalized and posted before the adjusting entries. Analyze the truth of this statement. • Question 5 0.2 out of 0.2 points What is the inventory system called that continuously discloses the amount of inventory?

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