Question: 1- Does the net income amount reported on the Balance Sheet always reflect the increase in cash during the year? Explain why or why not.

1- Does the net income amount reported on the Balance Sheet always reflect the increase in cash during the year? Explain why or why not.

2- What is difference between an adjusting journal entry and a closing journal entry?

3- Identify three accrual accounts that may appear on a Balance Sheet and describe how each account is created.

4-The Conceptual Framework includes the Going Concern Assumption. What is the going concern assumption, and how does it affect the financial statements we prepare?

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