1) Which of the following statements are correct (Select all that apply):

Select one or more:

A. A balance sheet reports on investing and financing activities.

B. An income statement reports on financing activities.

C. The statement of equity reports on changes in the accounts that make up equity.

D. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time.

E. A balance sheet reports on a company's assets and liabilities over a period of time.

2) As inventory and property plant and equipment on the balance sheet are consumed, they are reflected:

Select one:

A. As a revenue on the income statement

B. As an expense on the income statement

C. As a use of cash on the statement of cash flows

D. On the balance sheet because assets are never consumed

E. Both B and C because the financial statements articulate