5. Which of the following is NOT true about financial statements? (Points : 2) the balance sheet reports the financial position of a business at a particular point in time the income statement reports the net cash received during the period as a result of operating activities the statement of cash flows reports the inflows and outflows of cash for the period the statement of stockholders' equity includes information about net income and dividends for the period 6. Which of the following best describes the purpose of the balance sheet? (Points : 2) summarize revenues and expenses for the accounting period report the inflows and outflows of cash balance current period revenues with those of the previous period report assets, liabilities, and owner's equity as of a specific date 7. Which of the following statements about earnings per share is NOT TRUE? (Points : 2) GAAP require that corporate income statements prepared for external use present earnings per share earnings per share is a measure of the earnings performance of each share of common stock during a period earnings per share is a measure of the amount of dividends per share distributed to stockholders during a period earnings per share is computed by dividing net income by the number of common shares outstanding during a period 9. The way a company accounts for human resources is an example of which of the following financial statement limitations? (Points : 2) use of estimates and allocations use of historical costs omission of transactions omission of resources and costs 10. Which of the following is NOT one of the three primary financial statements organizations use to report to external decision makers? (Points : 2) statement of cash flows balance sheet gross profit statement income statement 13. Which of the following is NOT reported on the income statement? (Points : 2) income taxes non-operating items accumulated depreciation earnings per share 15. Generally Accepted Accounting Principles (GAAP) prohibits the use of estimates in preparing financial statements. (Points : 2) True False 18. The financial statement that reports an organization's assets, liabilities, and owners' equity accounts is the (Points : 2) income statement gross profit statement balance sheet statement of cash flows