31Which of the following is true?

A. Use footnotes and comments to explain your work when needed.

B. Hiding rows is better than grouping.

C. Daisy chaining is an efficient way to link cells.

D. Always merge columns instead of "centering across selection".

32 Balance Sheet - which of the following is incorrect?

A. The balance sheet represents the accounting equation of assets = liabilities + owners' equity.

B. A classified balance sheet highlights current assets, long-term assets, current liabilities, long-term liabilities and owners' equity.

C. A classified balance sheet highlights the differences between operating and nonoperating categories of assets and liabilities.

D. We can discuss the balance sheet items in terms of whether they are operating or nonoperating.

33 Which of the following is incorrect with respect to financial statement articulation?

A. Preparation of the income statement and statement of comprehensive income provides the necessary data needed to balance the balance sheet.

B. Preparation of the statement of shareholders' equity provides the data needed to complete the income statement.

C. Preparation of the statement of cash flows requires information from the income statement and the balance sheet.

D. Preparation of the balance sheet provides the data needed to prepare the statement of cash flows.

35 Why is the amount for operating income important?

A. This figure provides a basis for assessing the success of a company apart from its financing and investing activities and separate from its tax status.

B. Operating income includes all operating revenues and expenses, as well as, interest and taxes related to operations.

C. This is the figure needed for calculating income taxes.

D. Operating income provides a basis for assessing the wealth of the firm.

36 Which of these is not an attribute of an economic moat?

A. Network effect.

B. Low-cost producer.

C. Switching costs.

D. Technological expertise.