You are trying to decide whether or not to open a new store in a mall that is under construction. The mall developer has provided you with a forecast of the number of customers who will visit the mall in the next five years; this information is *

(a) relevant

(b) reliable

(c) verifiable

(a) & (b), but not (c)

(a), (b) & (c)

Mississauga Mining Co. made a net income of $25 million in 2007, after the deduction of amortization expense of $8 million, interest of $5 million and taxes of $10 million. During 2007, it sold mining equipment for $2 million and bought a new computer system for $3 million. During 2007, it issued new shares for $15 million and used the proceeds to repay loans of $10 million; the remainder went into the banks current account. The change in cash was........($million) *

$21 (increase)

$25 (increase)

$5 (decrease)

$37 (increase)

none of the above

The purpose of the statement of retained earnings is to measure *

changes in owners equity

the effect of net income on equity

the effect of dividends in reducing owners equity

all of the above

none of the above

Profits made by the company but not distributed to shareholders appear on the balance sheet as *

they do not appear on the balance sheet

cash

accounts payable

retained earnings

none of the above