Question 1) We just purchased a truck for our company, and paid cash. This purchase will affect:

Options:

1) Just the investing section of our cash flow statement.

2) The operating section of our cash flow statement.

3) Both the financing and investing section of our cash flow statement.

Question 2)

In accounting, future sacrifices or claims arising out of past or current transactions or actions are called ________.

Options:

1) assets

2) liabilities

3) equity Question

3) On the Income

Question 3)

Statement, ________ are deducted from Revenues to arrive at net Income.

Options:

1)Expenses

2)Current Liabilities

3)Cost of Goods Sold