question1:In your own words (do not rewrite a textbook), state the “accounting equation” and define each of its terms.?
question2: You have a company's balance sheet, its income statement, and its statement of cash flows. Which would you refer to if you wanted to know:
1. If a company made a profit last year?
2. If you wanted to find out whether the firm had any intangible assets?
3. If you wanted to know why its cash balance had changed over the past year?