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Which is the primary objective of an income statement

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Reference no: EM132856517

Problem 1: Which of the following is the primary objective of an income statement?

A. Providing managers with detailed information about where the enterprise stands at a specific date.

B. Providing users outside the business organization with information about the company's financial position and operating results.

C. Reporting to the Internal Revenue Service the company's taxable income.

D. Indicating to investors in a particular company the current market values of their investments.

Problem 2: Which of the following best defines an asset?

A. Something with physical form that is valued at cost in the accounting records.

B. An economic resource owned by a business and expected to benefit future operations.

C. An economic resource representing cash or the right to receive cash in the near future.

D. Something owned by a business that has a ready market value.

Problem 3: Each year, the accountant for Southern Real Estate Company adjusts the recorded value of each asset to its market value. Using these market value figures on the balance sheet violates:

A. The accounting equation.

B. The stable-dollar assumption.

C. The business entity concept.

D. The cost principle.

Reference no: EM132856517

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