92. Match each of the following elements with the financial report it is part of it associated with.

& questions 93, 94, 95, 96, 97, ,98

92. Match each of the following elements with the financial report it is part of or associated with AR- Annual Report QR- Quarterly Report B-Both Letter to shareholders. MD&A. An audit opinion. Condensed income statement for the period. Statement of retained earnings for the period. SEC filings. Unaudited condensed balance sheet. Notes to the financial statements. Summarized financial data, covering a period of five to ten years 93. Internal controls include the policies and procedures a company implements to protect against theft of assets, to promote efficiency, and to ensure compliance with laws and regulations. True False 94. Operating activities involve both inflows and outflows of cash. True False 95. The Sales Returns and Allowances account balance should be reported as a deduction from the sales account balance because it is a contra revenue account. True False 96. The gross profit percentage is computed by dividing operating income by net sales. True False 97. In a periodic inventory system, separate Purchases, Purchase Discounts, and Purchase Returns and Allowances accounts do not need to be used. True False 98. Which of the following statements regarding inventory counts is (are) true? A. Only companies that use a periodic inventory system need to perform a physical count of their inventory B. A periodic inventory system does not require a physical count to determine inventory levels during the accounting period. C. Both A) and B) above are true statements D. Neither A) nor B) above is a true statement