which of the following is FALSE regarding a firm's financial statements? Inventory is part of current assets Accounts receivable represents the value of goods that were sold to customers, for which the company has not yet been paid The balance sheet shows the value of a company's assets and liabilities at a point in time The income statement shows a company's income and expenses over a period of time  the balance sheet and income statement information can be used to calculate the market value of the common stock

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Q: 1. Explain how managers use the accounting standards to manage company's earnings.

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