Q1.Q2.Q6.Q7.Q9

A brief answer please

1. What kinds of questions about future cash flows do inves- tors and creditors attempt to answer with information in the income statement? 2. How can information based on past transactions be used to predict future cash flows? 3. Identify at least two situations in which important changes in value are not reported in the income statement. 4. Identify at least two situations in which application of different accounting methods or accounting estimates results in difficulties in comparing companies. 5. Explain the transaction approach to measuring income. Why is the transaction approach to income measurement preferable to other ways of measuring income? 6. What is earnings management? 7. How can earnings management affect the quality of earnings? 8. Why should caution be exercised in the use of the net in- come figure derived in an income statement? What are the objectives of generally accepted accounting principles in their application to the income statement? 9. A Wall Street Journal article noted that Apple reported higher income than its competitors by using a more aggres- sive policy for recognizing revenue on future upgrades to its products. Some contend that Apple's quality of earnings is low. What does the term "quality of earnings" mean