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PROJECT. Analyze the Following (30 Marks) Directions: Solve all the requirements of the problems. Show your solutions. Question 1: Long-term operating assets are acquired and used by a company to generate revenue over a number of years. These assets are classified as either tangible or intangible and the cost to acquire them is the purchase price plus all costs necessary to get the asset ready for its intended use by the company. Explain in details with example the long term assest and long term liabilities. (10 Marks) Question 2: The accounting for inventory involves determining the correct unit counts comprising ending inventory, and then assigning a value to those units. The resulting costs are then used to record an ending inventory value, as well as to calculate the cost of goods sold for the reporting period. Describe an details example for accounting for inventory. (10 Marks) Question 3: Financial reporting is a standard accounting practice that uses financial statements to disclose a company's financial information and performance over a particular period, usually on an annual or quarterly basis. In simple terms, a financial report is critical for understanding how much money you have, where the money is coming from, and where your money needs to go. Financial reporting is important for management to make informed business decisions based on facts of the company's financial health. Potential investors and banks will also use your company's financial reporting to decide if they want to invest or loan you money. What are the four types of financial statement. Explain each with example.(10 Marks)

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