#6 and #11

Explain three forms of business ownership 2. List three types of business activties and provide two samples of each. 3. How do businesses communicate to its users? Who are the users? How important is it to have accurate information? Explain the qualitative characteristics of accounting information. 4. Explain the presentation of the classified balance sheet. Defining terms will be helpful in your explanation. 5. Explain the use of ratios in financial reporting 6. What is the expanded accounting equation? Explain how various business transactions affect the accounting equation. Explain how rent payable and rent expense affect the accounting equation. 7. Explain the purpose of the Accounting Information System 8. Explain how to use debits&credits to record account transactions. 9. Explain how to record Journal Entries. 10. Explain how to post entries to ledger accounts. 1. Explain how accountants prepare a Trail Balance