Baker Construction is a small corporation owned and managed by Tom Baker. The corporation has 21 employees, few creditors, and no investor other than Tom Baker. Thus, like many small businesses, it has no obligation to issue financial statements to creditors or investors. Under these circumstances, is there any reason lor this corporation to maintain accounting records? What relationship exists between the position of an account in the balance sheet equation and the rules for recording increases in that account? State briefly the rules of debit and credit as applied to asset accounts and as applied to liability and owners' equity accounts. Docs the term debit mean increase and the term credit mean decrease? Explain. What requirement is imposed by the double-entry system in the recording of any business transaction? Explain the effect of operating profitably on the balance sheet of a business entity. Docs net income represent a supply of cash that could be distributed to stockholders in the form of dividends. Explain. What is the meaning of the term revenue? Does the receipt of cash by a business indicate that revenue has been earned? Explain. What is the meaning of the term expenses? Does the payment of cash by a business indicate that an expense has been incurred? Explain. When do accountants consider revenue to be realized? What basic question about recording revenue in accounting records is answered by the realization principle? In what accounting period does the matching principle indicate that an expense should be recognized? Explain the rules of debit and credit with respect to transactions recorded in revenue and expense accounts. What are some of the limitations of a trial balance? How do dividends affect owners' equity? are they treated as a business expense? Explain. List some of the more analytical functions performed by professional accountants