Please choose ONE of the following four items to discuss for Post:

A. Statement of Cash Flow: Describe what the purpose of a statement of cash flow is and its components. Why is it important for internal and external users? Compare the statement of cash flows for a for-profit entity (e.g., Wal-Mart, Apple, Wells Fargo) to that for a non-profit (e.g., the Red Cross, Habitat for Humanity, Salvation Army). Are there any substantial differences in form or substance?

B. Federal Income Tax: One of the basic roles of many accountants is to help individuals and businesses comply with the federal Internal Revenue Code (IRC). What is the legal/historical basis for the IRC? That is, when was it initiated and by what means? Currently, how much does the federal government receive each year in income tax revenue and what does it cost Americans to comply? Add anything else of interest you discover that you did not know before about federal taxation.

C. Enrolled Agent: Describe what an Enrolled Agent (EA) is. Specifically, define an EA's scope of practice and the training and experience required to become one. Compare these with those of a CPA. Is an EA something you would consider becoming? Why (or why not)?

D. Ratio Analysis: Choose three ratios discussed in Chapter 17. Describe generally what the ratios are, what the calculation is, and why they are important. Next, find a well-known publically-traded corporation's financial statements and calculate your chosen ratios for this corporation. Do the results of your calculations for this particular business indicate health, weakness, or something in between? Offer your opinion.