Part A: What role does a company's strategic plan play in the process of financial management? Does it ever make sense for a profitable company with positive cash flow to seek external financing? Why or why not?
Part B: Discuss the purpose of each of the following financial statements: income statement, balance sheet, statement of cash flow and statement of owner's equity.
Identify five business questions that can be answered by using financial accounting information. For each question, indicate what financial statement (or statements) would be most helpful in answering the question, and why.