Briefly illustrate:
Question 1: "The financial statements of a company are management's, not the accountant's." What does this mean?
Question 2: What are interim reports? Why are balance sheets often not provided with interim data?
Question 3: What's the difference between ratio analysis and percentage analysis when interpreting financial statements? What is the value of these two types of analyses?
Question 4: What's the difference between investing activities, financing activities, and operating activities.
Question 5: Identify and explain one of the major steps involved in preparing the statement of cash flows.