Session:2 Introduction to Financial Statements
Questions
Principles of Accounting, Volume 1: Financial Accounting | Leadership Development – Micro-Learning Session
Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/principles-financial-accounting
2. LO 2.1Define the term stakeholders. Identify two stakeholder groups, and explain how each group might use the information contained in the financial statements.
4. LO 2.1Identify one similarity and one difference between expenses and losses. Why is this distinction important to stakeholders?
6. LO 2.2Explain the difference between current and noncurrent assets and liabilities. Why is this distinction important to stakeholders?
8. LO 2.2Name the three types of legal business structure. Describe one advantage and one disadvantage of each.
10. LO 2.3Identify the order in which the four financial statements are prepared, and explain how the first three statements are interrelated.