What is the purpose of the accounting cycle in financial accounting?

Describe the difference between a journal and a ledger in accounting.

Explain the concept of cost of goods sold $($COGS$)$ and its importance in financial statements.

How does the FIFO $($First$-$In$-$First$-$Out$)$ method differ from the LIFO $($Last$-$In$-$First$-$Out$)$ method in inventory valuation?

Define the term "accounts receivable turnover ratio" and its significance in analyzing a company's financial health.

Discuss the role of financial ratios in evaluating a company's performance and financial position.

What is the significance of the statement of cash flows in financial reporting?

Explain the concept of internal controls in accounting and provide examples of internal control measures.

Describe the difference between operating, investing, and financing activities in the statement of cash flows.

How does the concept of conservatism influence financial reporting practices in accounting?