If the total credits exceed total debits in the Income Statement ...

[ec501234]

If the total credits exceed total debits in the Income Statement columns of the work sheet, the business has had net income.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

On what basis are investments valued in the financial statements of a Pension Trust Fund?
 
  a. at cost
  b. at the lower of cost or market value of each individual security
  c. at fair value
  d. at actuarial value

[ecabral0]

Answer to Question 1

False

Answer to Question 2

c