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For the following, please answer in the following format (example) 1.c, 2.c, 3.c and so forth:

Income Statement is a report that:

the increase and decrease of revenue and expenses

Is prepared once a year

Provide useful information about the firm’s asset

Provide useful information during a specific period

Paid-in capital in excess of par is used for:

When selling capital projects

When selling permanent stock

When the amount of proceeds is higher than the par value of the original sale of common stock

When the amount of proceeds is lower than the par value of the original sale of the common stock

Balance Sheet report is:

Used for a specific period

Used for evaluation

Used for various accounts reporting related to the non-operational activities

Used for information at a given point in time

EPS stands for:

It is Easy Profit Standards

It is Earning Per Share

It is Estimated Present Standards

It is Equally Projected Sum

The difference between accrual and cash basis is:

That the cash basis recognize expenses only when they are incurred

That accrual basis respect the actual inflow and outflows

That the cash basis ignores the actual inflow and outflows and accrual basis do not

That the cash basis respect the actual inflow and outflows

Which of the following was established in 2002:

GAAP

FASB

SOX

Glass-Steagall Act

The _____________is the financial market in which securities are initially issued; the only market in which the issuer is directly involved in the transaction

Primary market

Secondary market

Public offering

Private placement

The Federal Deposit Insurance Corporation has been established by:

SEC

GAAP

FDIC

Glass-Steagall Act

Neither one of the above

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