1. Which of the following financial statement note(s) should always be provided (if applicable) by a company?

I. Depreciation policies

II. Maturity dates of liabilities

1. I. only
2. II. Only
3. Both I. and II.
4. Neither I. or II.

2. Which of the following is a non-income related reduction of retained earnings?

1. Expense
2. Loss
3. Dividend
4. None of the above

3. What is the name of the practice whereby companies offer deep discounts to customers to encourage buying earlier than later thereby boosting earnings of the company in the current period?

4. Which of the following is reported as an item in the computation of Operating Income:

1. Dividends declared
2. Income tax expense
3. Interest expense
4. Freight-out expense

5. Which types of accounts will be reported on a company's post-closing trial balance?

1. Revenues
2. Assets
3. both revenues and assets
4. Neither revenue or assets