Application Problems Chapter 1 and 2.

Complete:

• Exercises 1-6A through 1-9A on p. 33
• Exercises 1-11A and 1-12A on p. 34 and 35

Respond to the following:

1. Why is the knowledge of accounting concepts and terminology useful to anyone in a business activity?
2. Is there a difference between bookkeeping and accounting? Discuss.
3. Accounting reports past performance. How can this be useful when planning future operations?