question. (1 point each) 1) The balance sheet reports: A) Assets and equities at a point in time. B) Cash flows for a period of time. C) Net income at a point in time. D) Assets and liabilities for a period of time. 2) Current assets include cash and all other assets expected to become cash or be consumed A) Within one year or one operating cycle, whichever is longer. B) Within one operating cycle. C) Within one year or one operating cycle, whichever is shorter. D) Within one year. 3) Red Onion Restaurant would classify a six-month prepaid insurance policy as: A) Goodwill B) Investment. C) Property, plant, and equipment. D) Current asset. 4) An asset that is generally not expected to be converted to cash or consumed within one year or the operating cycle is: A) Supplies. B) Building. C) Accounts receivable. D) Inventory. 5) Which is a shareholders' equity account in the balance sheet? A) Paid-in capital. B) Salaries payable. C) Accounts receivable D) Accumulated depreciation