1. Analysts regularly make adjustments to company financial information. Why are these adjustments warranted? Give three examples of an adjustment an analyst might need to consider. (14 marks) 2. Discuss 3 motives that encourage managers to manage or manipulate earnings. (9 marks) 3. A balance sheet separates operating and non-operating assets and liabilities. What is the difference? Why is this delineation important? (7 marks)