CHAPTER 1 - Introduction for Accounting and Business 1. Accounting Equation - write out the equation and explain. 2. Assets 3. Revenue 4. Owner's Equity 5. Balance Sheet 6. Income Statement 7. Liabilities 8. Net Income or net profit 9. Accounts Payable 10. Accounts Receivable 11. Expenses 12. Fees earned 13. GAAP - spell out acronym and definition 14. Corporation - also name 2-types of Corporations along with definition 15. Limited Liability Company (LLC)