1) If a company generates gains from selling its old equipment used in operations, Select one: A. this represents income from ordinary activities B. this is not considered income C. this is separate and distinct from sales revenue D. this is considered a financing activity

2)

When there has been a change in the number of common shares during the period, a weighted average number of shares must be determined for the EPS calculation.

Select one:

True

False

3)

In retail stores, revenue is normally recognized at the time of sale.

Select one:

True

False