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What is the difference between managerial and financial accounting? 2. What are the three types of business organizations? What does the term limited liability mean? What is a Benefit (B) Corporation? 5. What is the general purpose of financial statements? What are the four types of financial statements? 6. What is the purpose of an income statement? a balance sheet? How do they interrelate? Define the terms "revenue" and "expense" What is net income? What information does it convey? 9. What is the purpose of a statement of changes in equity? 10. Stockholders' equity consists of what two components? Explain how retained earnings and dividends are related. What are the three primary components of the balance sheet? 13. What are assets? 8. 11