1) Which of the following is not an asset?

a) CASH

b) INVENTORY

c) ACCOUNTS RECEIVABLE

d) ACCUMULATED DEPRECIATION

2) Which of the following would be considered a liability that arises from financing activities?

a) NO ANSWER TEXT PROVIDED

b) NOTES PAYABLE

c) ACCOUNTS PAYABLE

d) TAXES PAYABLE

3) Which of the following best describes an income statement?

a) AN INCOME STATEMENT SUMMARIZES THE FINANCIAL POSITION OF A COMPANY AT A GIVEN POINT IN TIME

b) AN INCOME STATEMENT MEASURES A COMPANY'S FINANCIAL PERFORMANCE OVER A SPECIFIED PERIOD OF TIME

c) AN INCOME STATEMENT REPORTS CHANGES OVER A PERIOD OF TIME IN COMPONENT ACCOUNTS THAT COMPRISE THE OWNERSHIP OF A FIRM

d) NO ANSWER TEXT PROVIDED