There are a variety of ways to produce pro forma statements, but they usually rely on two primary inputs. One of these primary inputs is ________
A) the projected sales for the current year
B) the projected sales for the past year
C) the prior year's financial statements
D) this year's financial statements
Answer: C
Explanation: C) There are a variety of ways to produce pro forma statements, but they usually rely on two primary inputs, (1) the PRIOR year's financial statements and (2) the projected sales for the COMING year.
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A. Responsibilities and duties of employees will be divided. B. All cash receipts will be deposited into the bank the same day they arrive. C. All cash payments will be made by check (except petty cash). D. All of the above answers are correct.
When gathering financial information, the entrepreneur should develop a budget that includes expected sales and expense figures for the first year.
Answer the following statement true (T) or false (F)
A resume that is designed so that it can be easily converted into an electronic file using OCR software is
a. an electronic resume b. a scannable resume c. a Web resume d. a convertible resume