I. Questions: answer the following questions. 1. Identify and describe the steps in the accounting process. (6 pts.) 2. What are the basic forms and objectives of business organizations for profit-oriented enterprises? (10 pts.) 3. Who are external users of accounting data? How does accounting provide relevant data to these users? (8 pts.) 4. What uses of financial accounting information are made by (a) investors and (b) creditors? (6 pts.) 5. How accounting is essential in achieving the company's objectives? (3 pts.) 6. What is the basic accounting equation? Define the terms: assets, liabilities and owner's equity. (6 pts.) 7. Describe the parts of a T account. (6 pts.) 8. When entering a transaction in the journal, should the debit or credit be written first? (2 pts.) 9. What are the basic steps in the recording process? (3 pts.)