Explain the following two terms.

1. Entity assumption

2 Going concern assumption

Global responses to the coronavirus disease 2019 (COVID-19) outbreak continue to rapidly evolve. COVID-19 already has a significant impact on global financial markets, and financial markets, and it may have accounting implications for many entities. One example of key impact is interruption of production. List eight key impacts

Which financial statements would provide the best information to answer the banker's questions?

Compare the perpetual inventory system with the periodic inventory system. Discuss three differences.