1. Describe topics for three of the notes to financial statement-other than deferred taxes, depreciation, inventory or commitments and contingencies (6) a. b. 2. Give 2 situations or reasons that would cause a deferred tax liability or asset (4) b. What effect would a tax cut on corporate earnings have on a company's financial statement where there is a deferred tax liability? (2) 3. a. 4. Give two methods of inventory valuation and an example of when each would be used (4) a. b. List one item that would be included in the Other Comprehensive Income statement and tell why that it is included there and not in the operating statement (2) 5. 6. Describe the importance of effective internal controls (2) 7. Provide 2 examples of things to do to establish effective internal controls (4) b. 8. List two items that might be in the Commitments and Contingencies note to financial statement a. b