What are financial ratios and why are they useful? What is meant by the statement that a balance sheet provides a "snapshot "of a venture's financial position as of a point in time? Why must a balance sheet be in "balance?" Briefly describe the typical types of accounts that are found in the current assets of a new venture. Indicate some of the concerns or cautions that need to be considered when conducting ratio analysis. What is the meaning of leverage ratios? What are typical ratios used for relating total debt to a venture's assets and/or its equity? What is the importance of the relationship between a venture's current liabilities and its total debt? Describe the two types of "coverage" ratios that are typically calculated when trying to assess a venture's ability to meet its interest payments and other financing-related obligations? How is the current ratio calculated and what does it measure? How does the quick ratio differ from the current ratio