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DO ALL QUESTIONS True-False Circle the best answer (10 pts.) l. T F Both investors and creditors have an interest in a company's ability to generate favorable cash flows 2. T F One of the three objectives of financial reporting established by the FASB is to provide information that is useful to potential customers. 3. T F statements are general-purpose in Nature because of their wide audience. Financial 4, T F Financial statements are often audited by management to increase confidence in the 5. T F statements' reliability. provide One of the three objectives of financial reporting established by the FASB is to information useful in assessing cash flow prospects 6. T F Service businesses can be classified as wholesalers and retailers. 7. T F merchandisers operating cycle concludes with the sale of goods 8. T F The operating cycle is the average days' on hand minus the average number of days to collect credit sales. well as the 9. T F cycle involves the purchase and sale of merchandise inventory as The operating subsequent collection of cash from credit sales 10. T F A sale takes place when title to the goods transfers to the buyer Multiple choice Circle the best answer (20 pts.) 11. All of the following must certify that a public company's financial statements are accurate, complete, and not misleading, except for the a. chief financial officer. b. director of human resources. c. chief executive officer. d. independent auditor. 12. General-purpose external financial statements are not primarily intended for a. management b. investors c. suppliers of goods and services. d. lending institutions. 13. Financial statements are audited by outside accountants a. because it is a requirement stated in the Internal Revenue Code. b. only when fraudulent financial reporting is suspected. c. who then report on whether or not the company is a good investment