The purchase of treasury stock reduces a company's assets and shareholders' equity. (True or false?)

The purchase of treasury stock reduces a company's assets and shareholders' equity.
 
  Indicate whether the statement is true or false

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(Q. 2) Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation.Calculate the adjusted cash balance per books on September 30. Cash balance per books, 9/30 2,750 Deposits in transit 200 Notes receivable and interest collected by bank 630 Bank charge for check printing 50 Outstanding checks 1,250 NSF check 290
 a. 5,130.
  b. 3,690.
  c. 3,040.
  d. 1,590.

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(Q. 3) Stanton Corporation sold a 10-year, 1,000, zero-interest bond when the market rate of interest was 7. The present value of the principal is ________.
 
  A) 508.35
  B) 700.00
  C) 1,000.00
  D) 1070.00

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(Q. 4) A(n) ____________________ is given to encourage prompt payment by customers who buy merchandise on account.
 Fill in the blank(s) with correct word

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(Q. 5) Cash proceeds from the sale of land is a(n) ________ activity on the statement of cash flows.
 
  A) operating
  B) investing
  C) financing
  D) indirect

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(Q. 6) Control efficiency addresses whether control goals are being achieved.
  Indicate whether the statement is true or false