1. What information does the Income Statement, Balance Sheet and Cash Flow Statement provide to various users? Why is the Income Statement constructed first and the Cash Flow Statement contructed last? What type of accounts are in each statement?

2. What is the difference between an accrual basis and cash basis of accounting? What type of companies might use each basis and why? What is GAAP and who determines GAAP? What is IFERs and what impact might it have in the future towards U.S. GAAP?

3. What is the accounting cycle? What types of accounting records are needed within this accounting cycle? How might an accounting system be expanded beyond the basic accounting records? What types of accounting checks are available to make sure we are constructing the statements accurately?

4. Identify and explain five theoritical concepts, assumptions and/or constraints that might be within an accrual basis of accounting, (i.e. matching concept). Give an example of an account affected by each theory you mention. What are some differences with U.S. GAAP and IFERs in certain financail accounting areas?

5. Identify five different accounts that might be affected by different accounting treatments, (i.e. inventory could be accounted for by the LIFO or FIFO cost flow assumptions).

6. How does the type of company, (service, merchandise or manufacturing) affect the accounting records?

7. How does the ownership of a company, (sole proprietorship, partnership or corporation affect the accounting records?

8. What limitations are present in the financial statements for various users? Be as specific as possible.