1. According to our authors, why would a business want to become a corporation?

2. According to our authors, what is a periodic inventory system? Provide an example.

3. According to our authors, define financial conservatism" and provide an example.

4. According to our authors, why do audits not provide absolute assurance that financial statements are presented fairly according to GAAP?

5.According to our authors, how do companies determine if a cost is an expense or an asset?