Please answer the following in your own words.

1. Explain what is accounting.

2. Identify the users and uses of accounting.

3. Defines ethics.

4. Define generally accepted accounting principles.

5. Explain the monetary unit assumption and the economic entity assumption.

6. State the accounting equation and define its components.

7. Explain the effects of business transactions on the accounting equation.

8. Explain how the four financial statements are prepared.

9. What is an asset?

10. What is a liability?

11. What is the owners equity?

12. What is the owners capital?

13. What is the owners drawings?

14. What is Revenue?