1. Which of the multi-step income statement reports revenues and expenses related to secondary operations of the entity?

Group of answer choices

a. discontinued operations section

b. secondary section

c. non-operating section

d. operating section

2. Johnson Company neglected to accrue interest expense of $2,000 on its year-end trial balance. This results in a(n) ________.

Group of answer choices

a. overstatement of net income

b. overstatement of assets

c. overstatement of liabilities

d. understatement of shareholders' equity

3. Permanent accounts do not include ________.

Group of answer choices

a. Rent Expense

b. Taxes Payable

c. Prepaid Insurance

d. Interest Receivable.

5. ________ occurs when managers manipulate financial information and misrepresent the firm's financial position and performance.

Group of answer choices

A. Earnings management

B. GAAP

C. Judgement

D. Decision-making

5. The time value of money concept means that

Group of answer choices

A. A dollar received today is worth more than a dollar received at some time in the future

B. A promised dollar in the future is worth more than a dollar today

C. Money doesn't grow on trees

D. Capital projects take time