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Accounting I  © 2010 John Petroff Source: PEOI


Chapter:1: Introduction

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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