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Which of the following is incorrect with respect to financial statement articulation?

Question 17 options:

	A) Preparation of the balance sheet provides the data needed to prepare the statement of cash flows.
	B) Preparation of the statement of cash flows requires information from the income statement and the balance sheet.
	C) Preparation of the statement of shareholders' equity provides the data needed to complete the income statement.
	D) Preparation of the income statement and statement of comprehensive income provides the necessary data needed to balance the balance sheet.

Which of the following is incorrect with respect to financial statement articulation?

Question 17 options:

	A) Preparation of the balance sheet provides the data needed to prepare the statement of cash flows.
	B) Preparation of the statement of cash flows requires information from the income statement and the balance sheet.
	C) Preparation of the statement of shareholders' equity provides the data needed to complete the income statement.
	D) Preparation of the income statement and statement of comprehensive income provides the necessary data needed to balance the balance sheet.

What is a major difference between the income statement and the statement of cash flows?

Question 19 options:

	A) The statement of cash flows excludes noncash revenues and expenses.
	B) The income statement is prepared for a single point in time, rather than a period of time like a month, quarter or year for the statement of cash flows.
	C) The statement of cash flows refers to a single point in time, rather than a period of time like a month, quarter or year for the income statement.
	D) The statement of cash flows provides a breakdown of revenues, expenses, and profits. Which of the following reflects a false observation on the income statement? Question 20 options: A) Increases in earnings before taxes will typically result in higher taxes. B) Discontinued operations will be reported net of taxes below income from continuing operations. C) Firms with high quality earnings generally rely on non-operating results for net income improvement. D) Firms reporting operating expenses trending downward as a percent of revenue will view the trend as favorable. Which of these is not an attribute of an economic moat? Question 22 options: A) Low-cost producer. B) Switching costs. C) Technological expertise. D) Network effect.

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