Instruction: Perform the following Questions Appropriately (both Theoretical & Workout questions) Question Number 1: What does Accounting means and for what purpose we need it? What is the role of Accounting in business environment? Do you think that Accounting is applicable in your practical life? Justify how. Question Number 2: Compare and contrast accounting with book keeping. Furthermore, Compare and contrast public Accounting with that of Private Accounting Question Number 3: Discuss what business means, why we need businesses and explain the types of businesses functioning in our world. Question Number 4:Discuss the following terminologies of Accounting in detail (Account, Assets, Liabilities, Owners equity, debit/credit, Journal, Ledger, business transactions, Accounting cycles, Accounting equations, depreciation, depletion, amortization). Question Number 5: Describe how the following business transactions affect the three elements of the accounting equation. a. Received cash for services performed. d. Purchased supplies on account. b. Invested cash in business. e. Purchased supplies for cash. c. Paid for utilities used in the business