1.How do we prepare financial statements? o Relationships among the financial statements o Classified balance sheet Assets . Liabilities Stockholders' uity 2.How could a worksheet help in preparing financial statements? o Section 5 Income statement I o Section 6 Balance sheet Section 7-Determine net income or net loss 3.What is the closing process, and how do we close the accounts? o Closing temporary accounts --Net income for the period Closing temporary accounts-Net loss for the period 4.How do we prepare a post-closing trial balance? 5. What is the accounting cycle? 6.How do we use the current ratio to evaluate business performance? 7. What are reversing entries? (Appendix 4A) I Accounting for accrued expenses Accounting without a reversing entry o Accounting with a reversing entry I NEED DEFINITIONS FOR EACH ONE OF THOSE (EVERY SINGLE ONE) D ON