1) What makes accounting a valuable discipline?

2) Sole proprietorships, partnerships, and corporations differ legally; how and why does accounting treat them alike?

3) Why do managers in governmental abd not-for-profit organizations need to understand financial information as much as managers in profit-seeking businesses?

1) A company incurs a cost for a part that is needed to repair a piece of equipment. Is the cost an asset or an expense? Explain?

2) Which is the most important issue in recording a transaction: recognition, valuation, or classification?

3) In what way are unearned revenues the opposite of prepaid expenses?