R- ac1-1: What is the purpose of accounting?
R- ac1-2: What are the two categories of the accounting profession?
R- ac1-3: How is bookkeeping different from accounting?
R- ac1-4: Give the accounting equation.
R- ac1-5: What are the two basic accounting statements used by most businesses?
R- ac1-6: How are financial statements of corporations different from other types of business?
R- ac1-7: What does the income statement reports?
R- ac1-8: What does the statement of owner's equity show?
R- ac1-9: What are the major components of a balance sheet?
R- ac1-10: Briefly describe the sequence of major business transactions.
R- ac1-11: How is the balance sheet affected when assets are decreased?
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