Part II: Short Answers 1. Briefly explain what an independent CPA firm does in an audit. Why doesn't a CPA firm ever say in its opinion) the financial statements are accurate? What does the CPA firm's Audit opinion state? 2. Write the short and long form of the accounting equation: Short form: Long form: 3. List three major ways that corporations can acquire cash (ie, finance its assets). (Exclude donations received.) HINT: Use the long form of the Accounting equation. 4. In general, how are most non-financial assets valued on the Balance Sheet? Why? 5. How are marketable securities (financial assets) such as short-term investments in actively traded stocks and bonds reported on the Balance Sheet? Why