Below is a list ofquestions that apply to this week's chapter reading. These come straight from your textbook so it also gives you a good summary list of where to study this week. Let's start with this list and see where the class discussion takes us. Picture us all sitting in a live classroom. What question would you raise your hand to ask? That's what these forums are for. Remember, these are the 'easy' points, all you have to do is 'talk.' Please answer a minimum of two (2) from the list below (your choice): 1. Book Value rarely if ever equals Market Value - What does this statement mean? Why does the balance sheet not portray the market value of the entity? Should it? 2. Describe what is meant by an operating cycle for a typical manufacturing company. 3. Explain the difference(s) between investments in equity securities classified as current versus those classified as longterm, or noncurrent asset. What are some of the common characteristics ofassets classified as property, plant, and equipment? Give examples, and include the difference between PP&E and intangible assets. 4. Explain how each of the following liabilities would be classied in the balance sheet: (a) a note payable of $1 00,000 due in five years, and (b) a note payable of $100,000 payable in annual installments of $20,000 each, with the first installment due next year. 5. Define the terms PAIDIN CAPITAL and RETAINED EARNINGS. 6. Disclosure notes are an integral part ofthe information provided in financial statements. In what ways are the notes critical to understanding the financial statements and evaluating the rm's performance and financial health? 7. Give an example of a subsequent event. How are subsequent events reported? 8. "You will never get in trouble for disclosing too much." What does this saying mean? In trouble with who? Per FASB guidance, Disclosure Notes must be presented in an orderly and organized way. Define and describe what this statement means (list and define each section). 9. What are the four main types of opinions an auditor ofa public company might issue? Describe each. Who is responsible for entering any recommended adjustments provided by the auditor? What is your general understanding ofthe role ofthe auditor