Respond in 75 words each
1. Assume that you opened a restaurant in your hometown, and you decided to take the knowledge and skills you learned in this class and be your own accountant. Discuss whether you would prefer to keep your accounting records on a cash basis or an accrual basis. Explain how and why you selected one basis over the other.2. Think about the different types of financial statements that you learned about in this unit (i.e., income statement, owner’s equity statement, and balance sheet). If you were an investor, would you place more emphasis on any one particular financial statement? Why, or why not?3. What factors determine price elasticity of demand? Which factor do you think is most important? Why? Provide a real-world example, and respond to a classmate’s comments.4. Describe a situation in which you experienced the law of diminishing marginal returns. How did this affect you?5. As a healthcare facility manager, what do you think would be the greatest limiting factor in financial statement analysis? Would this be different if you were an investor? Why?6. Do you think a provider’s incentives differ when the provider moves from a fee-for-service to a capitated environment? Why, or why not?