Respond to the statements below:

Reserves are not equal to cash balance, they are a function of Profitability

Financial statements are aimed at external users.

Briefly explain how a companys internal managers in different functional areas(marketing, purchasing, HR) might use financial statement information from their own and other companies. Accountants are criticized for knowing the cost of everything and the value of nothing

Preference Shares have a preference over Equity on (a) dividends (b) return of capital

Why does our companys balance sheet report its land at cost when it is so much more valuable?