44 How is a common-size income statement prepared? a. Each income statement item is expressed as a percentage of cash flow. b. Each income statement item is expressed as a percentage of total assets. c. Each income statement item is expressed as a percentage of net sales. d. Each income statement item is expressed as a percentage of net income. Question 45 A successful shopping mall would probably have a. a low inventory turnover. b. low volume. c. zero profit margin. d. a high inventory turnover. Question 46 Disclaimer of opinion rendered by an independent auditor of financial statements stating that the financial statements have been presented fairly in accordance with GAAP. True False