2. Discuss the difference between current and long-term assets on a balance sheet. 3. What are the key components of a liabilities section on a balance sheet? 4. Explain how businesses calculate owner's equity on a balance sheet. 5. What is the purpose of a balance sheet, and how do businesses use it to assess their over- all financial health? 6. Discuss the impact of inflation on balance sheets, and how businesses can adjust their fi- nancial reporting practices to account for inflation. 7. Explain the concept of liquidity, and how it relates to a company's balance sheet. 8. What is the difference between tangible and intangible assets, and how do they impact a company's balance sheet? 9. Discuss the role of goodwill on a company's balance sheet, and how it is calculated. 10. What are some common ratios and metrics that investors use to analyze a company's balance sheet? 11. How do businesses prepare a comparative balance sheet, and what purpose does a com- parative balance sheet serve? 12. Explain the difference between the U.S. Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) in terms of balance sheet report- ing.