1. Identify the four financial statements of a business.
2. What information is reported in an income statement?
3. Why does the user of an income statement need to know the time period that it covers?
4. What information is reported in a balance sheet?
5. Define
(a) assets,
(b) liabilities,
(c) equity, and
(d ) net assets.
6. Which financial statement is sometimes called the statement of financial position?