1 Which financial statement would you utilize to determine whether a company will be able to pay liabilities which are due in 30 days A Income statement B Balance sheet C Statement of retained earnings D Statement of cash flows 2 Which of the following is an objective of the external audit of a com...

1 Balance Sheet 2 To provide credibility and assurance that the financial sta ...

1. Which financial statement would you utilize to determine whether a company will be able to pay...

Question:

1. Which financial statement would you utilize to determine whether a company will be able to pay liabilities which are due in 30 days?
A. Income statement
B. Statement of retained earnings
D. Statement of cash flows
2. Which of the following is an objective of the external audit of a company's financial statements?
A. To provide a forecast of the company's future earnings.
B. To assure no fraud has been committed by the company's management.
C. To provide credibility and assurance that the financial statement information conforms with generally accepted accounting principles in all material respects.
D. To detect all accounting errors made by the accounting system and employees.
3. Huron has provided the following year-end balances:
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...