Definitions Provide Clear, Concise Answers for the Following

Essay

Definitions
Provide clear, concise answers for the following:
1. Explain the merits of classified financial statements.
2. What are financial instruments?
3. What are inventories?
4. What are other assets?
5. What statement of financial position information requires supplemental disclosure?
6. Explain the purpose of the statement of cash flows.
7. Explain the concept of free cash flow.