Assignment:
Review the chapters and response to the following questions:
Chapter-Introduction to Accounting and Business
Describe the types and forms of businesses, how businesses make money, and business stakeholders.
Describe the three business activities of financing, investing, and operating.
Define accounting and describe its role in business.
Describe and illustrate the basic financial statements and how they interrelate.
Describe eight accounting concepts underlying financial reporting
Chapter-Analyzing Transactions
Describe the basic elements of a financial accounting information system.
How do you analyze, record, and summarize transactions for a corporation's first period of operations?
How do you prepare financial statements for a corporation's first period of operations?