1) In any statement (income statement or Balance sheet) each of the following accounting elements appears: Gross profit - beginning merchandise - sales - operating expenses - interest - land - inventory - prepaid expenses - shareholders' equity - retained earnings - reserves

2) In any of the items in the Balance sheet (assets, liabilities and equity) each of the following accounting items appears: cash - long-term investment - expenses - advance payments - income received in advance - preferred stock capital - treasury shares

3) Determine which of the following cash flows are inflows and which are outflows: Increase in accounts payable - sale of shares - decrease in inventory - increase in land - net loss - share repurchase