Question: 1) If you could use only one financial statement to review the overall health of a company, which financial statement would you use. Why? Explain.

1) If you could use only one financial statement to review the overall health of a company, which financial statement would you use. Why? Explain.

2) What standard classifications are used in preparing a classified balance sheet? Describe each classification. Why are these classifications necessary?

3) Identify and describe the different sections of a multi-step income statement. Why are these sections necessary?

4) What will the income statement and balance sheet tell you about your company or your business? Explain.

5) What value will your understanding of the financial statements give to you in your study of personal finance?

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