What is the fundamental accounting equation?

What is the fundamental accounting equation?
2. What are assets, liabilities, and owner’s equity?
3. What information does the balance sheet contain?
40 CHAPTER 2 Analyzing Business Transactions
pri62392_ch02_021-052.qxd 9/19/13 8:33 AM Page 40 Final PDF to printer
4. What information does the income statement contain?
5. What information does the statement of owner’s equity contain?
6. What information is shown in the heading of a financial statement?
7. Why does the third line of the headings differ on the balance
sheet and the income statement?
8. What is revenue?
9. What are expenses?
10. How is net income determined?
11. How does net income affect owner’s equity?
12. Describe the effects of each of the following business
transactions on assets, liabilities, and owner’s equity.
a. Bought equipment on credit.
b. Paid salaries to employees.
c. Sold services for cash.
d. Paid cash to a creditor.
e. Bought furniture for cash.
f. Sold services on credit

Click Here For More Details on How to Work on this Paper......
Need a Professional Writer to Work on this Paper? Click Here and Get this Essay Done ………