1. Define deferred tax assets. What is their relevance to the business? How do deferred tax assets affect a business? 2. What are the key steps involved in the preparation of a profit and loss...

1. Define deferred tax assets. What is their relevance to the business? How do deferred tax assets affect a business?

2. What are the key steps involved in the preparation of a profit and loss account?

3. Differentiate between cash flow and fund flow. What is a more significant tool for managing the financial position of a company and why?