Define “Depreciation” and briefly describe the time in which it is relevant.
Describe how the Modified Accelerated Cost Recovery System (MACRS) is used in association with Depreciation.
Differentiate between Market and Book Value of an asset and (b.) define how a Book Value of an asset is calculated.
Why is the valuation of inventories important in financial reporting?
What information is provided in a balance sheet? (What is the fundamental equation of the Balance Sheet?)