Question 1.1.A (n) ________ is an organized presentation of the revenues or income a business generates less the costs associated with making that revenue. (Points : 20)

income statement statement of cash flows balance statement profit and loss statement

Question 2.2.For tax purposes, the Internal Revenue Service classifies assets and determines the ________of those asset classes. (Points : 20)

book value depreciable years market value service life

Question 3.3.Future expansion depends on the forecast of ________ growth. Financial managers need to estimate this growth, along with the financial needs necessary to support this growth, and then begin planning to raise these funds. (Points : 20)

future production construction manufacturing future sales

Question 4.4.Although it is important to examine old financial statements, the past is not necessarily a good indication of the ________. (Points : 20)

present state of the current business future condition of the organization

Question 5.5.We know that ________ is an accounting concept that allows us to match the expenses associated with long-lived assets to the revenues that those assets helped generate. (Points : 20)

accrued expenses depreciation current assets net fixed assets