1.The form 10-K is the annual report that publicly traded companies must file with the Securities & Exchange Commission (SEC). True or False

2. Which of the following statements is correct?

Multiple Choice

a.Accumulated depreciation is the amount of depreciation on the income statement.

b. Current liabilities are debts expected to be paid within one year.

c.Current assets are resources of a company that might include cash and copyrights.

d.Patents, goodwill, and deferred revenues are classified as intangible assets on the balance sheet.

3.External users of accounting information include decision makers such as investors, creditors, and financial analysts. True or False.

4.Deferred expenses are initially recorded as assets and when they are later used, expenses will increase and assets will decrease. true or false.

5. An example of revenue would be the amount collected from the sale of an automobile by a car dealership. true or false