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1. How are financial statements useful to managers and employees? How are financial statements useful to investors and creditors? Explain.

2. Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them?

3. What is the Accounting Equation? What is an account's normal balance? What is a Journal Entry? Why is it important to the accounting process?

4. What is the purpose of the general ledger and why are transactions posted there? Provide an example of when you would use a general ledger. What is a Trial Balance? How does it relate to the General Ledger?

Reference no: EM131812273

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