Check Your Progress L Why are accountants so important to a corporation? 2 Discuss the internal uses of accounting statements S. Describe the accounting process and cycle. 7. Which accounts appear under current liabilities"? 8. Together, the income statement and the balance sheet What function do they perform? answer two basic questions. What are they? are found in each category? firm? What is a budget? Discuss the external uses of financial statements 9. What are the five basic ratio classifications? What ratios 0. Why are debt ratios important in assessing the risk of a The i income statements of all corporations are in the same format. True or false? Discuss