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24The statement of cash flows A) explains what caused net income during the accounting period. B) identifies all assets held at the end of the accounting period by type and amount. C) explains that the trial balance is in balance. D) explains all of the sources and uses of.cash during the accounting period. E) explains all of the changes in assets, liabilities, revenues, and expenses during the accounting period. 25. A trial balance prepared after the closing entries have been posted would exclude which one of the following accounts? A) Inventory. B) Accounts receivable. C) Accumulated depreciation. D) Supplies expense. E) Both C and D would be excluded. 26. Select the statement which best describes the primary purpose of closing entries. A) To facilitate preparing adjusting entries. B) To determine the amount of net-income or net loss for the period. C) To allow preparation of the financial statements. D) To reduce the balances of revenue and expense accounts to zero so that they may be revenues and expenses of the next period. used to accumulate the E) None of the above is correct 27. What are the categories of cash flows that appear on a statement of cash flows? A) Cash flows from investing, financing, and service activities. B) Cash flows from investing, financing, and saving activities. C) Cash flows from operating, inventing, and financing activities. D) Cash flows from operating, production, and investing activities. E) None of the above is correct. 8. Which of the following describes the conservatism constraint? A) Avoid overstating assets and revenues and avoid understating expenses and liabilities. B) The benefits of accounting for and reporting information should outweigh the costs. C) Amounts that are large enough to influence a user's decisions. D) Differences due to long-standing and accepted accounting and reporting in a particular industry E) None of the above is correct. 29. Which of the following would appear in the current asset section of a classified balance sheet? A) Intangible assets. B) Bonds payable. C) Prepaid expenses. D) Accumulated depreciation. E) None of the above is correct. 30. Which of the following statements is true? A) Accumulated depreciation is a contra account in the income statement B) The current ratio is current assets divided by current liabilities. C) Retained earnings is the accumulated earnings plus the accumulated dividends paid. D) Book value of a building is the cost less the current year's depreciation E) None of the above is correct