What is a Balance Sheet and why is it important in a business?
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- What is the accounting equation? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions.What is the effect on the accounting equation when a business pays the balance due on accounts payable?Explain the concept of equity, and identify some activities that affect equity of a business.
- What accounting policies are disclosed in the notes accompanying a companys financial statements? Why is this disclosure important?List the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.Does every transaction affect both sides of the accounting equation? Explain your answer.