Hi, Can u check my work if it correct or not? ...................................................................

2. The purpose of the income statement is to: To give a detailed breakdown of key items shown in the plimary nancial statements Show where the business's cash has come from and where it has been spent Show the revenues, expenses and operating prot for the nancial year )- Show, at a particular date, the sources of funds provided to a business by shareholders and others and how these funds have been used \ \ \. 3.. What is the best denition of a noncurrent asset? Q An asset intended for use on a continuing basis in the company's activities K: An asset purchased for resale '. Expenditure made to fulll a revenue obligation '. 24 months One month k.) Six months 5. What is the principal purpose of charging depreciation on noncurrent assets? r To ensure that sufcient funds are available to replace the assets \) .[_._'. To comply Iwith the fundamental concept of prudence 6. Where would 'changes in accounts payable' most likely appear on a cash ow statement? .\ .I' Under cash ows from 'operang activities' and 'investing acvities' .\ .3' Under cash ows fmrn 'investing activities' ..'. Under cash ows from 'operang activities' .\ Under cash ows from 'investing acvities' and 'financing activities