A definition of accounting; An explanation of GAAP; An explanation of IFRS and three ways that IFRS differs conceptually from GAAP; An explanation of the nature of assets, liabilities, and owners equity; A description of the four main financial statements (income statement, balance sheet, statement of cash flows, and statement of shareholders equity) and what they measure; A copy of the Income Statement for the month ended May 31, 20Y8 (from Part 4 of the Accounting Cycle Project); A copy of the Balance Sheet from May 31, 20Y8 (from Part 4 of the Accounting Cycle Project); An explanation about the companys financial performance during the month of May 20Y8 (must include at least two applicable financial ratios); and An explanation about the companys financial position during the month of May 20Y8 (must include at least two applicable financial ratios)