1. For each of the following financial statements, discuss the basic function of the statement and tell whether it is presented as of a given point in time or over a given period of time:
   1. Income Statement (2 pts)
   2. Balance Sheet (2 pts)

3. Generally Accepted Accounting Principles require the use of Cash Accounting for public corporations. True or False

4. Accrual accounting recognizes revenue when a sale is made, rather than when the cash is actually received. True or False

5. A product is sold in June on account, but the cash is not received until July. Accrual basis accounting recognizes revenue in the September Quarter. True or False

12. Non-manufacturing Depreciation Expense is usually contained within which other major operating expense?