Prepare net worth and P&L statements.

Preparation should include purpose and interpretation of the following financial statements:

What are liabilities? How are they identified?
How can individuals improve their net worth?
How would a loan institution use one’s net worth to determine qualification for a loan? What is the difference between current and non-current liabilities?
What is meant by non-cash income?
What is an example of a non-cash expense?
How does a business use a P&L statement?
What is the difference between cash flow and a P&L statement?
When should one evaluate a P&L statement?