All of the following are true of a financial statement analysis report, except Multiple Choice O Accounting standards determine which ratios are relevant and useful for the analysis. O The executive summary provides a brief analysis of results. O The analysis overview includes background on the company, its industry, and the economy. O Evidential matter includes ratios, trends, comparisons and all analytical measures. O Background on the company, its industry, and the economy is part of the analysis overview. Industry standards for financial statement analysis: Multiple Choice Are based on a single competitor's financial performance. Are set by the government. Are used to compare a company's performance to industry performance. Are used Are based on rules of thumb. Compare a company's income with its prior year's income. Powers Company reported net sales of $1,200,000, average Accounts Receivable, net of $78,500, and net income of $51,025. The Day's sales uncollected (rounded to whole days) is: Multiple Choice 24 days. 15 days. o 4 days 4 days. 562 days. 48 days Powers Company reported net sales of $1,200,000, average Accounts Receivable, net of $78,500, and net income of $51,025. The accounts receivable turnover ratio is: Multiple Choice 0.65 times. O 14.3 times. O 28.6 times. O 15.3 times. 16.3 times