Please answer the questions below.

1.) List some examples of internal or external users of financial statements. Pick one and describe how that person or department would use a specific financial statement. You can also share an example from your work experience.

2.) The Balance Sheet is made up of Assets, Liabilities and Equity accounts. The Balance Sheet follows the Accounting Equation: Assets = Liabilities + Owners' Equity. Can you provide some examples of Asset, Liability and Equity accounts? The Income Statement is made up of Revenues and Expenses. The formula for the Income Statement is: Revenues - Expenses = Net Income. Can you provide some examples of Revenue and Expense accounts?

3.)Financial reporting follows a set of accounting standards known as U.S. GAAP (Generally Accepted Accounting Principles.) Under GAAP, there are important Principles/Assumptions that are used: Economic Entity Assumption, Monetary Unit Assumption, Time Period Assumption, Cost Principle, Full Disclosure Principle, Going Concern Principle, Matching Principle, Revenue Recognition Principle, Materiality, Conservatism, Consistency, Comparability, and Reliable Verifiable and Objective. Describe one of the principles/assumptions and explain why it is important for all companies who follow U.S. GAAP.