What are Book Value and Market Value? Under what circumstances could they be the same and under what circumstances could they be different? Is one measure more important than the other? Why do you believe that the developers of GAAP proposed that Book Value govern balance sheet reporting?

Net income differs from the cash received which is why the statement of cash flows is required to bridge the two. What are the principal differences between net income and cash flow? Cash is obviously important but why might both measures be important for a financial manager?

answer the questions one paragraph 500 words.