1. Which of the following would be found on the balance sheet

		Selling Expense
		Gross Margin
		Inventory
		Sales

2. Investors are interested in the income statement but not the balance sheet

True

False

3. Current assets are those which are expected to be converted to cash in one month

True

False

4. A change in the value of an asset (i.e. depreciation) impacts both the balance sheet and income statement

True

False

5.Briefly discuss what a reader of an income statement can learn about the organization