1. M Corp has current assets of $20,000, non-current assets of $40,000 current liabilities of $10,000, and non-current liabilities of $40,000 on December 31, 2018. How much is M Corp's current ratio on December 31, 2018.

a. 0.4 b. 1 c. 1.2 d. 2

2. Which of the following is not one of the five steps of the revenue recognition process?

a. identify the contract with customer b. determine the transaction price c. recognize revenue when each performance obligation is satisfied d. record revenue based on when cash is received