1. "Accounting is ingrained in our society and it is vital to our economic system." Do you agree? Explain. 2. Identify and describe the steps in the accounting process. 3. a. Who are internal users of accounting data? b. How does accounting provide relevant data to these users? 4. What uses of financial accounting information are made by (a) investors and (b) creditors? 5. "Bookkeeping and accounting are the same." Do you agree? Explain. 6. Harper Travel Agency purchased land for $85,000 cash on December 10, 2020. At December 31, 2020, the land's value has increased to $93,000. What amount should be reported for land on Harper's balance sheet at December 31, 2020? Explain. 7. What is the monetary unit assumption? 8. What is the economic entity assumption? 9. What are the three basic forms of profit-oriented business organi- zations? 10. Juana Perez is the owner of a successful printing shop. Recently, her business has been increasing, and Juana has been thinking about changing the organization of her business from a proprietorship to a corporation. Discuss some of the advantages Juana would enjoy if she were to incorporate her business