Income Statement - which of the following is incorrect?

Question 61 options:

A)	A multi-step presentation highlights gross profit, operating expenses, operating income, earnings before taxes and net income.

B)	We can discuss the income statement line items in terms of whether they are operating or nonoperating.

C)	A multi-step presentation highlights the differences between short-term and long-term revenues and expenses.

D)	The income statement reports the difference between revenues and expenses.

Statement of Cash Flows - which of the following is incorrect when using the indirect method?

Question 63 options:

A)	Losses on sales of assets are added to net income to determine cash flows from operating activities.

B)	Gains on sales of assets are subtracted from net income to determine cash flows from operating activities.

C)	Increases in operating current liabilities are added to determine cash flows from operating activities.

D)	Increases in operating current assets are subtracted to determine cash flows from operating activities.

E)	Declaration and payment of dividends on company stocks are subtracted to determine cash flows from operating activities.

Which one of the following sources contains financial information audited by an independent accounting firm?

Question 69 options:

A)	Press release

B)

8-K

C)

10-K

D)

10-Q