1. Which of the following summarizes a firms revenues and expenses over a month

1. Which of the following summarizes a firms revenues and expenses over a month quarter oryear?a. Income statementb. Balance sheetc. Statement of assets an2. Which of the following financial ratios indicates the extent to which current assets can be converted to cash to meet current obligations?a. Acid-test ratiob. Quick ratioc. Current ratiod. Net profit ratio3. Which of the following is the accounting equation?a. Income Expenses = Gross Incomeb. Liabilities + Owners Equity = Assetsc. Income Cost of Goods Sold = Gross Incomed. Assets + Owners Equity = Liabilities4. The relationship between total liabilities and total assets is the definition for which following ratio?a. Debt ratiob. Current ratioc. Inventory turnoverd. EBIT