Under current GAAP, most resources of a business entity are to be valued in its financial statements  at a. a value that is most relevant to the needs of users of the financial statements b. histotical cost c. the current cost of replacing the resources d. current appraisal values

Under the historical cost accounting model the financial statement that is regarded as the most important is: Select one: a. Balance sheet b. Cash flow statement c. Income statement d. They are all equally important

• distinguish between the operating and non-operating components of the income statement

Explain how economic events result in assetsDescribe the objective of having different types ofassets to users of accounting information

Provide Statement of Comprehensive Income

Explain the purpose of income statement.

4. Comment on the company’s ability to utilize its assets and manage its liabilities effectively using the following efficiency ratios a. Total Asset Turnoverb. Accounts Payable Turnoverc. Return on Total Assets (ROA)

The elements of financial statements which relate to measuring financial performance are a. Income, expenses and equity b. Assets, liabilities and income c. Assets, liabilities and equity d. Income and expenses

Requirements: Comprehensive income and financial position.