1) articulate what is meant by bankruptcy and insolvency. in doing so, highlight the similarities and differences.

2) what are four common causes of corporate failure?

3) what external factors can influence corporate failure?

4) what factors should investors look for to assess the likelihood of corporate failure? explain how each might be related to the likelihood of corporate failure?

5) define what is meant by 'earnings' and outline why it is important to shareholders.

6) how can accounting policy choice be considered earnings management? explain your answer?

7) why and in what circumstances would a management team consider engaging in big bath accounting?

8) explain why managers who receive a cash bonus as part of their remuneration might wish to manage earnings?