1. What elements are included in the Statement of Financial Position (SFP)? What is the heading for SFP? 2. What are the components of the accounting equation? Explain each of the components. 3. What is the left side and the right side of an account? Would the placement be the same for any kind of account? 4. Assets less liabilities equals residual interest. What is meant by "residual interesi". 5. Explain why net income increases owner's equity, whereas net loss decrease owner's equity