1. What does the statement "accounting is the language of business" mean?

2. What is the difference between managerial accounting and financial accounting?

3. What is the definition of a "current asset" and what are some examples?

4. What is an account receivable and an account payable, and out of these what will bring money into the company?

5. Which financial statement would one look at to see if a business is making a profit?

6. Which financial statement reveals the amount of debt?

7. What is considered cost of good sold and which financial statement would display them?