1. What is accounting?
2. What is a primary purpose of accounting?
3. Who are the stakeholders of a business and what is their interest in the business?
4. What three business activities do all business engage?
5. What are the three types of business and what makes them different from each other?
6. How do accountants report to stakeholders?
7. What are the four basic financial statements and what is the purpose of each? Prepare financial statements.
8. What is the accounting equation? Which financial statement makes us of the accounting equation? Analyze transactions and identify the effects on accounts and the financial statements.
9. What is GAAP? Who primarily establishes GAAP?
10. What does the SEC stand for and what is the purpose of the SEC?
11. What are the 10 elements of the financial statements?
12. What are accounts and how do they differ from elements? Classify accounts into proper element.
13. What are the eight basic concepts that serve as the foundation for GAAP?
14. Why is ethical and responsible reporting important when it comes to accountants and financial statements?
15. What are the four basic forms of business, and which one is best?
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