1. What is the purpose of the Statement of Cash Flows? Identify the three types of business activities and provide an example of each.

2. Explain the difference between current liabilities and long-term liabilities. Under what circumstances could a current liability be classified as a long-term liability?

3. How can financial statement analysis and ratio analysis assist the users of the financial statements?

4. Explain the reporting treatment of when a discontinued operations has not been sold when the accounting period ends.

5. Define earnings per share. For which income statement items must EPS be disclosed?