Chapter $7$ Discussion Topics

Dear students:

This week, we will study Chapter $7.$ Please answer at least two of the following questions:

Discuss the following balance sheet elements as defined by SFAC No$.6$:

A$.$ Assets

B$.$ Liabilities

C$.$ Equity

Describe the fair value hierarchy as defined in SFAS No$\mathrm{.}157($FASB ASC $820).$

What questions does the statement of cash flows enable financial statement users to answer?

Define and discuss the three major sections of the statement of cash flows.