I need 4 of 5 correct to pass. Thanks!
| 1.The bottom line of the income statement shows the firm’s ________ for the year. (Points : 20) |
sales
profit or loss
cost of goods sold
operating expenses |
| Question 2.2.Net income is commonly referred to as the ________. (Points : 20) |
bottom line
profit
cash flow
operating cash |
| Question 3.3.For tax purposes, the Internal Revenue Service classifies assets and determines the ________of those asset classes. (Points : 20) |
book value
depreciable years
market value
service life |
| Question 4.4.Although it is important to examine old financial statements, the past is not necessarily a good indication of the ________. (Points : 20) |
present
state of the current business
future
condition of the organization |
|
Question 5.5.The ________ from the sale occurs when the buyer pays you. (Points : 20)
|
cash flow
profit
gain
benefit |
