1. why is it important a business undertakes the closing process for its accounts? what accounts are affected and what accounts are not? explain your answer in relation to 1 accounting principle discuss in class.
2. what are the two types of inventory management discussed in class? which system is preferred and why?
3. in relation to the income statement, how would the presentation and the calculation of the cost of goods sold differ under each inventory management system?
4. list 4 advantages of a company over other forms of business structure.