What is the statement of financial position? How is it used in understanding liquidity, solvency, and financial flexibility? Detail the classifications on the statement of financial position for typical assets, liabilities, and stockholders' equity. How are current and noncurrent assets and liabilities presented on the statement of financial position? What is the statement of cash flows and how are common business actives classified? Compare and contrast the direct and indirect formats of the statement of cash flows. What is the purpose of the notes to the financial statements? What is included in the notes to the financial statements. What is typically found in the annual report?