Financial Accounting

1.     Based on Chapter 1 explain Financial Accounting.

2.    What are the four basic financial statements?

3.    What is the primary purpose of each of the four basic financial statements?

4.    In your opinion, which financial statement is the most important? Explain why.  

5.    How would you define the terms debit and credit?

6.    How are they used in double entry accounting?

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