1. Why is management of working capital (having sufficient current assets to cover current liabilities) especially critical for restaurants and retail businesses to maintain operations? Explain and provide examples. 2. What characteristics of a property, plant and equipment item make is different from other assets such as accounts receivables or inventory? 3. What is the difference between in how to account for land and land improvements? 4. Suppose land with a building on it is purchased for $1,050,000. How do you account for the $65,000 cost of removing this unwanted building? 5. What distinguish a current liability from a long-term liability? What distinguish a contingent liability from an actual liability? 6. Identify three required deductions and two optional deductions from employee paycheques.

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