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1. Basic financial statements include the following: (i) income statement (ii) statement of cash flows (iii)...

1. Basic financial statements include the following:

(i) income statement
(ii) statement of cash flows
(iii) statement of financial position

Which of the above financial statements are prepared for a period of time?

a. (i) and (ii)
b. (i) and (iii)
c. (ii) and (iii)
d. All of the above

The answer should be a, correct?

2. Which of the following items would not be included in the statement of financial position?

a. Cash
b. Retained earnings
c. Depreciation expense
d. Accounts receivable

3. As of December 31, 20X7, ABC Co. had total assests of $20,000,000 total owners' equity of $4,000,000. During 20X7, ABC Co. had total revenues of $5,000,000 and total expenses of $3,900,000. As of December 31, 20X7, what were ABC Co's total liabilities?

a. $1,100,000
b. $19,900,000
c. $16,900,000
d. $16,000,000

4. As of December 31, 20X7, ABC Co. had total assets of $20,000,000, total owners' equity of $4,000,000. During 20X7, ABC Co. had total revenues of $5,000,000 and total expenses of $3,900,000. For the year-ended December 31, 20X7, what eas ABC Co.'s net income?

a. $16,900,000
b. $17,100,000
c. $16,000,000
d. $1,100,000

5. The integrity of financial statements presentations and disclosures is enhanced when

a. The financial statements are unaudited
b. The financial statements are prepared in an environmnet that includes a system of internal control that is poorly designed
c. The financial statement prepares have the appropriate education and expense necessary
d. All of the above
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