Task Team of FUNdaMENTAL aCCOUNtIng School of Business. Sun Yat-sen University 5) In accounting, financial statements can be prepared on a fiscal-year basis. A fiscal year will d A. on December 31 each year B. on a date other than December 31 C. on January 31 each year D. answers b and c are correct 6) Organizations engage in various types of activities. The statement of cash flows reports on several of these activities. Which activity listed below is not reported in the statement of cash flow B. investing activi C. financing activities D. liquidation activities 7) The financial statement(s) reporting net income include the A. the income statement B. the statement of retained earnings C. the balance sheet D. Answers a and b are correctTask Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University 5) In accounting, financial statements can be prepared on a fiscal-year basis. A fiscal year will end: A. on December 31 each year B. on a date other than December 31 C. on January 31 each year D. answers b and c are correct 6) Organizations engage in various types of activities. The statement of cash flows reports on several of these activities. Which activity listed below is not reported in the statement of cash flows? A. operating activities B. investing activities C. financing activities D. liquidation activities 7) The financial statement(s) reporting net income include the: A. the income statement B. the statement of retained earnings C. the balance sheet D. Answers a and b are correct