Lp1 Quiz Mt4441 Business Review Lab Sp17

What are the four concepts crucial to accounting?A) Periodicity, Sole Proprietorship, Regulations, and Financial StatementsB) Business Entity, Going Concern, Periodicity, and Monetary Unit ConceptsC) Net Income, Corporations, Business Entity, and FinanceD) Income Statement, Balance Sheet, Sole Proprietorship, and Human ResourcesQuestion 21 / 1 pointWhich of the following is not a basic financial statement?A) Income StatementB) Merchandising StatementC) Balance SheetD) Statement of Cash FlowsQuestion 31 / 1 pointWhat is the purpose of the income statement?A) This financial statement is designed to show the cash inflows and cash outflows for the period of time covered by the income statement.B) This financial statement is designed to show the changes that occurred in owners' equity during the period of time covered by the income statement.C) This financial statement is designed to show the net income of the company for a period of time.D) This financial statement is designed to show the ending amounts of the company's assets, liabilities, and owners' equity.Question 41 / 1 pointWhat is the purpose of the statement of cash flows?A) This financial statement is designed to show the ending amounts of