1. The Balance Sheet is the only Financial Statement valued at a point in time. --------- True or False

2. Dividend payments to shareholders

a. reduce cash reserves and increase Retained Earnings

b. all of the listed answers are potentially correct

c. increase cash reserves and reduce retained earnings

d. reduce cash reserves and reduce retained earnings

3. On the Balance sheet, "current liabilities" are listed in

a. order, with the liabilities coming due to the soonest listed first

b. a variety of orders as there is no standardized way to list liabilities on a Balance sheet

c. order of liquidity, with the liabilities coming due to the soonest listed last

d. order with cash listed first and inventories listed last