1. Describe financial and managerial accounting in your own words. What makes the two different?

2. Describe what information the balance sheet, income statement, and statement of cash flows provides. How is this information used?

3. Pick 2 publicly traded companies that you are interested in. Find their financial statements (links to these statements are available on most financial websites as well as the investor relationship pages of the firms website). Look at the financial statements and find out what has happened over the past two years to the firms total liabilities and stockholders equity, revenues, major costs and expenses, net income and cash position. Discuss what these figures tell them about the companys financial performance and current financial position. How do the two companies compare?