1. The accountant's equation is assets equal liabilities plus owners' equity. Is this logical to you? Explain.

2. The FASB is a private/non-gov't organization that governs the financial accounting profession. Does it make sense for them to be a private/non-gov't organization? Explain.

3. Many non-accounting types argue that the cost concept is of little value because it does not reflect fair market value? What do you think? Explain.