State whether the sentences are true or false with appropriate reasons.1.When closing inventory is understated, net income for the accounting period will be overstated. 2. Under order of liquidity the most liquid assets is shown last and least urgent payment is shown first. 3. Sales is equal to Cost of goods sold minus gross profit 4. Payment made to a creditor subject to cash discount will reduce an asset, a liability and add to revenue.
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1 false 2 false 3 true
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