Question: Basic Financial Statements (Chapter 2)1. What are the basic parts of the balance sheet?2. What is the Balance Sheet or Accounting Identity?3. What are the

Basic Financial Statements (Chapter 2)1. What are the basic parts of the balance sheet?2. What is the Balance Sheet or Accounting Identity?3. What are the basic parts of the income statement?4. To whom does NI belong and where does it go? Why Finance focuses on cash flow rather than NI? 5. What are the 3 factors cited by Brooks that cause NI cash flow?6. How do changes in various expense items impact a firms NI and level of cash? 7. What is the Cash Flow Identity and what does it tell us?8. What is the difference between accounts receivable and payable?9.How do changes in various balance sheet items represent sources or uses of funds?

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