What standard classifications are used in preparing a classified balance sheet? What is meant by the term "operating cycle? Distinguish between long-term investments and property, plant, and equipment. Define current assets. What basis is used for arranging individual items within the current assets section? Describe the differences between cash and accrual accounting. Discuss the major principles in Accounting What is FASB and what is its purpose? What is revenue recognition? What are the basic elements of a financial statement? What are the objectives of financial reporting?