Question: Why do you think that Financial Statement preparation is more an art than a science? What assumptions or biases typically impact financial results? Why do

  • Why do you think that Financial Statement preparation is more an art than a science?
  • What assumptions or biases typically impact financial results? Why do you think subjective assumptions and biases impact financial results?
  • What are some of the impacts of these assumptions and biases on profitability?
  • What are the impacts of cash on company strategies?
  • What is the difference between profits and cash? Give reasons you believe people sometimes confuse them.

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