4: Which of the following financial statements reports the financial position of a company at a specific point in time? a) Income statement. b) Statement of retained earnings. c) Balance sheet. d) Statement of cash flows. 5:A company has a current ratio of 2:1. Which of the following statements is true? a) The company's current assets are twice its current liabilities. b) The company's current liabilities are twice its current assets. c) The company's current assets and current liabilities are equal. d) The company's current assets are half its current liabilities. 7:Which of the following inventory valuation methods assumes that the cost of the most recent purchases must be assigned to ending inventory? a) First-in, first-out (FIFO). b) Last-in, first-out (LIFO). c) Weighted average. d) Specific identification..