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1. What is meant by GAAP and what are they used for? 2. Differentiate between...

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1. What is meant by GAAP and what are they used for? 2. Differentiate between Liquidity and Solvency. 3. Narrate the principle of Conservatism with example. 4. Under which circumstances, Auditors show disclaimer opinion? 5. What is Efficient Market Hypothesis? 6. Interpret liquidity ratio with the help of an example. 7. Why intangible assets are not considered while calculating Debt to Tangible Net Worth Ratio? 8. Which type of firms use Weighted average cost for pricing their inventory? 9. Why Preferred stock dividend is deducted for reaching Net earnings 10. Why some organizations use EBITDA instead of EBIT

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