Response to the following questions:
1. Identify the owners of corporations and the terminology for ownership units.
2. When is the accounting equation in balance, and what does that mean?
3. How can a transaction not affect any liability and equity accounts?
4. Describe a transaction increasing equity and one decreasing it.
5. Identify a transaction that decreases both assets and liabilities.
6. Explain the link between the income statement and the statement of owner's equity.