Question: 1. In 100 words or less, explain the fundamental difference between an income statement and a cash flow statement. 2. Choose two users of financial

1. In 100 words or less, explain the fundamental difference between an income statement and a cash flow statement.

2. Choose two users of financial statements and discuss the information needs of these users in relation to the analysis of financial statements. Answer in 100 words or less.

3. Distinguish between the concepts of expense and asset. Support your answer by using an example to demonstrate the difference. Answer in 150 words or less.

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