18. The financi al statements most frequently provided include all of the following except the A) statement of cash flows. B) balance sheet. C) statement of retained earnings. D) income statement. 19. The major elements of the income statement are A) B) C) D) revenues, irregular items, and general expenses. revenues, expenses, gains, and losses. revenue, cost of goods sold, selling expenses, and general expense. operating section, nonoperating section, discontinued operations, and cumulative effect 20. Which of the following represents a form of communication through financial reporting but not through financial statements? A) Income statement. B) Notes to financial statements. C) President's letter. D) Balance sheet. 21. Which of the following is not a capital expenditure? A) A betterment B) C) An addition Repairs that maintain an asset in operating condition D) A replacement 22. Which of the following is not a major characteristic of a plant asset? A) B) C) D) Acquired for resale Acquired for use Yields services over a number of years Possesses physical substance 23. The correct order to present current assets is A) cash, accounts receivable, prepaid items, inventories. B) cash, inventories, accounts receivable, prepaid items. C) cash, accounts receivable, inventories, prepaid items. D) cash, inventories, prepaid items, accounts receivable