Which one of the following is the financial statement that shows the accounting value of a firm's equity as of a particular date?

1.	Which one of the following is the financial statement that shows the accounting value of a firm's equity as of a particular date?    A.  income statement B.  creditor's statement C.  balance sheet D.  statement of cash flows E.  dividend statement Refer to section 2.1

2.	Net working capital is defined as:    A.  total liabilities minus shareholders' equity. B.  current liabilities minus shareholders' equity. C.  fixed assets minus long-term liabilities. D.  total assets minus total liabilities. E.  current assets minus current liabilities. Refer to section 2.1

3.

The common set of standards and procedures by which audited financial statements are prepared is known as the:    A.  matching principle. B.  cash flow identity. C.  Generally Accepted Accounting Principles. D.  Financial Accounting Reporting Principles. E.  Standard Accounting Value Guidelines. Refer to section 2.1

4.	Which one of the following is the financial statement that summarizes a firm's revenue and expenses over a period of time?    A.  income statement B.  balance sheet C.  statement of cash flows D.  tax reconciliation statement E.  market value report Refer to section 2.2

5.	Noncash items refer to:    A.  accrued expenses. B.  inventory items purchased using credit. C.  the ownership of intangible assets such as patents. D.  expenses which do not directly affect cash flows. E.  sales which are made using store credit. Refer to section 2.2