Noncurrent assets provide firms with long-term productive capacity.

although true for most of the times, there are several exceptions detailed in Canadian GAAP

although false for most of the times, there are several exceptions detailed in Canadian GAAP

Cannot say if it is true or false given the limited information provided

this is always a true statement

this is always a false statement

Which of these financial statements provides information about economic resources and claims on those resources?

Balance sheet

Income statement

Income Statement and Balance Sheet

Cash flow statement

None of the others alternatives are correct

Check my work

Which of the following is an example of an external financial statement user?

Tax authorities such as the CRA in Canada.

Potential investors including individuals and corporate investors.

All of the examples provided in the other alternatives are correct

Lenders from unrelated parties other than the bank.

The bank such as TD, CIBC or RBC in Canada.