Need some help with my study guide! Thank you!

1) Know the difference between Financial Accounting and Managerial Accounting. Who are the users of the information for both financial accounting and managerial accounting? Financial Accounting: Managerial Accounting: 2) Know the 3 steps in the Resource Allocation Flowchart: a) Resource Agents b) Conversion Agents c) Consumers *****For each of the above categories, be able to identify which category applies to different types of people/entities if given an example***** 3) Know the definition of a market. (found in the book) 4) Who established the rules of financial accounting and what are those rules called? (know what the acronym stands for) Financial Accounting Standards Board (FASB) Generally Accepted Accounting Principles (GAAP) 5) Know the main elements of the financial statements and know the difference between an account and an element. a) What are the two parts of Stockholders' Equity? i) ii) 6) What is the Accounting equation? (used on the Balance Sheet) Assets = Liabilities + Stockholders' Equity 7) What is the expanded Accounting equation (used in the horizontal equation) Assets = Liabilities + Stockholders' Equity + Net Income (Revenues - Expenses) (Remember that Net Income is part of the retained earnings account) 8) Asset Source Transactions Review the examples that show the horizontal accounting equation. Remember that every entry must have two parts that balance in the equation