1. An organizations mission statement is critical at communicating their fundamental purpose and basic philosophy. It can also include other information relating to the customers, core competencies and responsibilities. Please look up and share with us a mission statement from an organization that interests you. Was this a good mission statement? Why or why not?

2. How does cash basis accounting differ from accrual basis accounting? Which gives a more accurate picture of the profitability of a company and why?

3. Explain the process of closing the books. What are permanent accounts and are they closed in the closing process? Why or why not?