Question 1 Discuss the various classifications of assets on the balance sheet. Why are they important?

Question 2: Some would argue that accounting is a science, thus, solutions to questions of accounting standards should be arrived at by the "scientific method" of observation, experimentation, and verification. Others might argue that accounting is more of a service activity than a service governed by natural law. In this case accounting is more of a social science subject to the mores of the society of which it is part. Where do you stand on this this issue? Would this affect your financial analysis approach? Why?