The process of depreciation has no effect on a companys cash flow.

True

False

The initial cost of an intangible asset includes only the purchase price.

True

False

The relationship between current liabilities and current assets helps financial statement users evaluate a companys ability to satisfy its short-term debts.

True

False

When the contractual interest rate is less than market rate of interest, bonds sell at a discount.

True

False

The net income of a corporation is not taxed as a separate entity.

True

False