QUESTION 1

Which basic activity does accounting not consist of?

a. Identifies

b. Records

c. Communicates

d. Contributes

20 points

QUESTION 2

Income (profit) is the excess of revenues over expenses.

True

False

20 points

QUESTION 3

Assets=Liabilities+Owner's Equity is the basic equation of_______.

20 points

QUESTION 4

Working Capital = Current Liabilities - Current Assets

True

False

20 points

QUESTION 5

Which one is not an activitiy affecting cash flow?

a. Operating Activities

b. Working Capital

c. Investing Activities

d. Financing Activities