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1. Managers rely on financial ratio analysis when making decisions. What are the four key ratios? What information does each provide?

2. What are the three types of accountants and the service each type of accountant provides? Who would be the user of each type?

3. What are the generally accepted accounting principles (GAAPs)? Why do we need GAAPs? What is the purpose and goal for this practice? What is the challenge of using this practice?

4. An important part of business is to plan ahead. Identify three planning tools used for forecasting and the information each provides.

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