Short Essay Questions 1.Describe operating activities. 2.Which business activity occurs first for a business? Why does this business activity occur first? 3.What business aspect does the income...

Short Essay Questions

1.Describe operating activities.

2.Which business activity occurs first for a business? Why does this business activity occur first?

3.What business aspect does the income statement measure?

4.Which asset is more liquid, inventory or accounts receivable? Why?

5.What business aspect does the statement of shareholders’ equity measure?