Question 14 1 pt Which of the following statements is correct? Taxable income is often referred to as profits, as income, or simply as the "bottom line." since it is the last item on the balance sheet. As a general rule, the longer the time that has passed since an asset was acquired, the more likely it is that the current market value will differ from the book value. All the answers are correct Intangible assets with a limited life, such as land are not depreciated annually. Income statement items are listed in a specific order so that the assets are listed in order of their liquidity, with the most liquid assets, cash and marketable securities, at the bottom D Question 15 1 pts Which of the following statements is correct? Depreciation is the process of writing off expenses for intangible assets, such as patents, licenses, copyrights, and trademarks, over their useful life. All the answers are correct When you are making investment decisions for a firm the relevant tax rate to use is usually the average tax rate. The average tax rate is simply the total taxes paid divided by taxable income, Net working capital (NWC) - Total current assets + Total current liabilities