#1 What are the three characteristics of accounting events? #2 What is the accounting equation and what are the 9 basic combinations of accounting events? #3 How do debits and credits related to the eight (skip #9) basic accounting events? #4 Since expenses are part of owners' equity, why is the normal balance of an expense account, a debit? #5 What are the advantages of a computer-based transaction system? #6 What is the difference between a business event and an accounting event? #7