Define accounting, and define generally accepted accounting principles $($GAAP$)$

What is the basic accounting equation?

What are assets, liabilities, and owner's equity?

How are business transactions recorded in the accounting system using debits and credits?

How do journal entries ensure the basic accounting equation $($Assets $=$ Liabilities $+$ Owner's Equity$)$ stays balanced?

What happens to the journal entries when recorded into the accounting system? Describe how debits and credits affect the accounts.

Discuss the revenue and expense recognition concepts and why they are essential.

When are revenue recorded under accrual accounting?

When are expenses recorded under accrual accounting?

What is the matching principle of GAAP?

What are the four financial statements? Describe each statement and what it reports$/$communicates about the company's financial performance and position.