1. What is the purpose of a balance sheet and how is it structured? 2. Explain the concept of goodwill and how it is accounted for in financial statements. 3. Describe the difference between operating income and net income. 4. What are the different methods used for inventory valuation and how do they impact financial statements? 5. How are taxes accounted for in financial statements and what is the difference between taxable income and accounting income? 6. Explain the concept of cash flow and the importance of cash flow management in a business. 7. What is a journal entry and how is it recorded in the accounting books? 8. Describe the process of closing the books at the end of an accounting period. 9. Explain the difference between a direct cost and an indirect.

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1 The purpose of a balance sheet is to provide a snapshot of a companys financial position at a specific point in time It is structured into three mai... View the full answer