Question 6 (2 points) Accounting is important for small businesses because investors will not even consider funding your concept unless you provide specific accounting information in an accepted format True False 2 Question 7 (2 points) The accounting equation is simply stated as Assets = Liabilities - Owner's Equity. 15 True False 18 Question 8 (2 points) The usefulness of the income statement for managing a small business is related to the amount of detail available in the statement. True False