Describe the three forms of business: a. Sole Proprietorships b.Partnerships c.Corporations 2. Discuss the three basic business activities: a. Financing b.Investing c.Operating. 3. Differentiate between financial and managerial accounting 4. List the users of financial accounting information 5. Describe the four basic financial statements a. Income Statement b.Balance Sheet c.Owner 's Equity Statement d. Cash Flow Statement. 6. Describe the differences between the cash basis of accounting and the accrual bais of accounting 7.Describe asset, liability, and equity accounts (including revenue and expense accounts) Give examples of each type of account. 8. Describe the Four basic accounting assumptions: a. The Economic Entity Assumption b.The Cost Principle c.The Going Concern Assumption d. The Monetary Unit Assumption 9. Describe the Organizations that Govern the Public Accounting Profession: a. The Financial Accounting Standards Board. b.The Securities and Exchange Committee c.The Public Companies Accounting Oversight Board. 10. Describe Generally Accepted Accountng Principles.