1-The income statement is for

		a point in time (i.e. December 31)
		a periods of time (i.e. a year)
		Both of these
		Neither of these

2-Which of the following is considered a liability on the balance sheet?

		a) Accounts Receivable
		b) Prepaid Expenses
		c) Common Stock
		d) Accounts Payable

3-An increase in sales

		Increases profits
		Decreases profits
		Has not impact on profits
		Depends

4-The balance sheet is for

		a point in time (i.e. December 31)
		a periods of time (i.e. a year)
		Both of these
		Neither of these

5-The balance sheet equation is Assets = Sales - Expenses

True

False