1. What is the primary purpose of financial accounting? 2. Describe (briefly) the following G/L account categories: assets, liabilities, equity, revenue, and expenses. 3. Which accounts of the general ledger are the temporary accounts and closed at the year end, and which are the permanent accounts? 4. What are the four key financial statements? 5. What is net income, and how does it flow from all the financial statements? 6. Describe the purpose of subsidiary ledgers. 7. What are the key enterprise structure elements necessary for financial accounting configuration? 8. Define operating chart of accounts. 9. How do the chart of accounts and general ledger accounts work together in financial accounting configuration? 10. What is the importance of posting periods and fiscal year variant?