Short Answer Questions 1. What are the major sources of financial information for publicly owned corporations? 2. The higher the accounts receivable turnover rate, the better off the company is. Do you agree? Why? 3. Can you think of a situation where the current ratio is very misleading as an indicator of short-term, debt-paying ability? Does the acid-test ratio offer a remedy to the situation you have described? 4. Through the use of turnover rates, explain why a firm might seek to increase the volume of its sales even though such an increase can be secured only at reduced prices. 5. Cite some of the possible deficiencies in accounting information, especially regarding its use in analyzing a particular company over a 10-year period