1. The present value of a future cash flow is its discounted value and it is the primary measurement basis for long term investments?
a) true
b) false
2. Expenses represent decreases in net assets or incurred liabilities through the provision of goods of services?
a)true
b)false
3. Gains represent increases in net assets or settlements of liabilities by providing goods and services?
a)true
b)false
4. Current asset: an asset expected to be realized in cash ro to be consumed or sold during the normal operating cycle, or within one year of the balance sheet date, whichever is shorter?
a) true
b) false