Which of the following is incorrect with respect to financial statement articulation?
Question 17 options:
| A) | Preparation of the balance sheet provides the data needed to prepare the statement of cash flows. | |
| B) | Preparation of the statement of cash flows requires information from the income statement and the balance sheet. | |
| C) | Preparation of the statement of shareholders' equity provides the data needed to complete the income statement. | |
| D) | Preparation of the income statement and statement of comprehensive income provides the necessary data needed to balance the balance sheet. | |
Which of the following is incorrect with respect to financial statement articulation?
Question 17 options:
| A) | Preparation of the balance sheet provides the data needed to prepare the statement of cash flows. | |
| B) | Preparation of the statement of cash flows requires information from the income statement and the balance sheet. | |
| C) | Preparation of the statement of shareholders' equity provides the data needed to complete the income statement. | |
| D) | Preparation of the income statement and statement of comprehensive income provides the necessary data needed to balance the balance sheet. | |
What is a major difference between the income statement and the statement of cash flows?
Question 19 options:
| A) | The statement of cash flows excludes noncash revenues and expenses. | |
| B) | The income statement is prepared for a single point in time, rather than a period of time like a month, quarter or year for the statement of cash flows. | |
| C) | The statement of cash flows refers to a single point in time, rather than a period of time like a month, quarter or year for the income statement. | |
| D) | The statement of cash flows provides a breakdown of revenues, expenses, and profits. | Which of the following reflects a false observation on the income statement? Question 20 options: | A) | Increases in earnings before taxes will typically result in higher taxes. | | | B) | Discontinued operations will be reported net of taxes below income from continuing operations. | | | C) | Firms with high quality earnings generally rely on non-operating results for net income improvement. | | | D) | Firms reporting operating expenses trending downward as a percent of revenue will view the trend as favorable. | | Which of these is not an attribute of an economic moat? Question 22 options: | | | | | C) | Technological expertise. | | | | |