1. What is a classified balance sheet ?

1. A balance sheet that classifies its year-end as 12/31.
2. A balance sheet that only displays total assets.
3. A balance sheet that separates assets and liabilities into current and non-current sections.
4. A balance sheet that has a restricted audience.

2. Why doesnt Cash Flow from Operations equal Net Income?

1. The income statement includes non-cash items
2. The income statement is based on accruals
3. All of the above
4. None of the above