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What are the advantages of forming a business as a corporation? Forming as a sole proprietorship or partnership? Describe the content and purpose of each

  1. What are the advantages of forming a business as a corporation? Forming as a sole proprietorship or partnership?
  2. Describe the content and purpose of each of the financial statements.
  3. Explain the meaning of assets, liabilities, and stockholders' equity, and state the basic accounting equation.
  4. Identify the three main categories of the statement of cash flows including examples. Why do you think these categories were chosen?

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