(Solution Download) ACC121 Exam Two Ch-7891011 True/False Indicate whether the statement is true or false. ____ 1. One..

ACC121 Exam Two Ch-7891011 True/False Indicate whether the statement is true or false. ____ 1. One of the two internal control procedures over inventory is to properly report inventory on the financial statements. ____ 2. A detective internal control is designed to find an error or misstatement after it has occurred. ____ 3. A subsidiary inventory ledger can be an aid in maintaining inventory levels at their proper levels. ____ 4. The selection of an inventory costing method has no significant impact on the financial statements. ____ 5. During inflationary periods, the use of the FIFO method of costing inventory will result in a greater amount of net income than would result from the use of the LIFO cost method.