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| 1 | |
Briefly describe the purpose of the balance sheet and the elements reported on the balance sheet.
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| 2 | |
Briefly describe the purpose of the income statement and the elements reported on the income statement.
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| 3 | |
Briefly describe the purpose of the statement of retained earnings and the elements reported on the statement.
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| 4 | |
Briefly describe the purpose of the statement of cash flows and the elements reported on the statement.
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| 5 | |
Describe the relationships that exist between the four financial statements.
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| 6 | |
Describe how the purchase price for a company might be determined, and give an example.
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| 7 | |
Briefly describe the purpose of an audit.
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