Response to the following questions:
1. Describe the link between the balance sheet and the statement of owner's equity.
2. Discuss the three major sections of the statement of cash flows.
3. What is the purpose of accounting in society?
4. Technology is increasingly used to process accounting data. Why then must we study and understand accounting?
5. Identify four kinds of external users and describe how they use accounting information.
6. What are at least three questions business owners and managers might be able to answer by looking at accounting information?