Discuss the financial statements companies prepare, and include the purpose behind each statement.

Essential questions are designed to help you brainstorm prompt critical thinking as you begin working on your portfolio project. Use the information you learned about essential questions in previous classes to help you respond to the following:Select one:1. What is the purpose of accounting in business?2. Explain the inventory asset and cost flows of a merchandising company.3. Discuss the financial statements companies prepare, and include the purpose behind each statement.4. Explain the importance of utilizing appropriate technology in accounting.