What is a current asset? What is a non-current asset? What is the difference between the two types of assets? In which financial statement would you find these assets?
What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? What are some limitations of internal controls?
Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is and provide examples. In which financial statement would you find these liabilities?