Assignment:
Question 1. Describe a time when you made a major purchase (car, boat, household appliance, school books, golf clubs, etc).
Explain the process you went through to gain ownership rights to the property. Was it complicated? Was it easy? Did you have to apply for a loan in order to obtain this property? If so, explain how this affects your rights to ownership of the property.
Question 2. As we learned within this module, a firm's profit does not necessarily equal its cash flow. Explain why using at least 2 Generally Accepted Accounting Principles (GAAP) to support your answer. Also discuss if earning a profit or generating cash flow is more important for a firm.