Write a memo in which you explain the following items and concepts: 1) What fina

Write a memo in which you explain the following items and concepts:
1) What financial statements are, what their purpose is, and what information they convey
2) The difference between the cash basis of accounting and the accrual basis of accounting
3) The advantages and disadvantages of each form of business organization
4) The closing process, including the difference between temporary and permanent accounts