$1.$Define accounting and describe the purpose of accounting.

$2.$In simple terms, what are assets and liabilities?

$3.$Explain the role of the balance sheet.

$4.$What are revenues and expenses? Provide an example of each in your personal life.

$5.$Explain the role of the income statement.

$6.$ Define surplus and deficit.

$7.$ What are some advantages of using monthly accounting periods in your personal balance sheet?

$8.$ What is the accounting equation in personal accounting?

$9.$ What is net worth?

$10.$ When does an expense need to be recorded under accrual$-$based accounting? What are the three possible timings the payment can be made for an expense?

$11.$ What is a T$-$account?