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Chapter 1 Questions: 3,5 3. What is the difference in perspective between finance and accounting? 5. What are the three basic forms of business ownership? What are the advantages and disadvantages to each? Chapter 2 Questions: 1,6 1. List and describe the four major financial statements 6. Why can the book value and market value of a firm differ? Chapter 2 Problems: 2,3 2. On which of the four major financial statements (balance sheet, income statement, statement of cash flows, or statement of retained earnings) would you find the following items? (LG2-1) a. Earnings before taxes. b. Net plant and equipment. c. Increase in fixed assets. d. Gross profits. e. Balance of retained earnings, December 31, 20xx. f. Common stock and paid-in surplus. g. Net cash flow from investing activities. h. Accrued wages and taxes. I. Increase in inventory. 3. What is the difference between current liabilities and long-term debt? Chapter 3 Questions: 1,2,3,4 1. Classify each of the following ratios per a ratio category (liquidity ratio, asset management ratio, debt management ratio, profitability ratio, or market value ratio). (LG3-1 through LG3-5) a. Current ratio b. Inventory turnover c. Return on assets d. Average payment period e. Times interest earned f. Capital intensity g. Equity multiplier h. Basic earnings power 2. For each of the following actions, determine what would happen to the current ratio. Assume nothing else on the balance sheet changes and that net working capital is positive. (LG3-1) a. Accounts receivable are paid in cash b. Notes payable are paid off with cash c. Inventory is sold on account d. Inventory is purchased on account e. Accrued wages and taxes increase f. Long-term debt is paid with cash g. Cash from a short-term bank loan is received 3. Explain the meaning and significance of the following ratios. (LG3-1 through LG3-5) a. Quick ratio b. Average collection period c. Return on equity d. Days' sales in inventory e. Debt ratio f. Profit margin g. Accounts payable turnover h. Market-to-book ratio 4. A firm has an average collection period of 10 days. The industry average ACP is 25 days. Is this a good or poor sign about the management of the firm's accounts receivable