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What is the difference between a current asset and a long-term asset? Why is cash typically listed first on a balance sheet?

What are the three major business activities in which accountants play a major role? Give an example of each.

4. What is double-entry bookkeeping? Give a brief example.

5. List the four major financial statements. Which financial statements are permanent and which are temporary?

6. What is the difference between a current asset and a long-term asset? Why is cash typically listed first on a balance sheet?

8. What is accrual accounting? Give an example of how accrual accounting affects a firm ’s financial statement.


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