LO 2.1Define the term stakeholders. Identify two stakeholder groups, and explain how each group might use the information contained in the financial statements.
LO 2.1Identify one similarity and one difference between expenses and losses. Why is this distinction important to stakeholders?
LO 2.2Explain the difference between current and noncurrent assets and liabilities. Why is this distinction important to stakeholders?
LO 2.2Name the three types of legal business structure. Describe one advantage and one disadvantage of each.
LO 2.3Identify the order in which the four financial statements are prepared, and explain how the first three statements are interrelated.
LO 2.3Explain the purpose of the statement of cash flows and why this statement is needed.