________ is the pattern of relatively enduring ways that a person feels, thinks, and behaves

The percent-of-sales method to prepare a pro forma income statement assumes a firm has no fixed costs. Therefore, the use of the past cost and expense ratios generally tends to ________ profits when sales are increasing

A) accurately predict B) overstate C) understate D) have no effect on

Transferring net revenue and expense account balances to retained earnings for the period is referred to as closing the books

Indicate whether the statement is true or false.