1.Which of the following statements represents a flow concept? A) Balance Sheet B) Income Statement C) Statement of retained earnings D) Inventory statement E) None of the above

2.Which of the following ratios depicts investment efficiency? A) Asset turnover B) Current C) Quick D)Payout E) none

3.Which of the following increase cash? A)increase in inventory B)increase in accounts payable C) Increase in accounts payable D)None of the above

4.Which account below would be credited to record this transaction: purchase merchandise for resale on credit?

inventory b) Cash c) Accounts payable D)Accounts Receivable E) None

5. Which of the following is not a expense? A0Utilities B)Insurance C) Dividends D) Cost of goods sold E) None