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Know the transactions associated with the activities Borrowing Purchase equipment Pay utilities Pay interests Pay dividends 1) Which definition below best describes financial accounting? A) Procedures designed to enhance the company's image to potential investors. B) Measuring business activities and communicating them to external parties. C) Process of measuring income taxes owed to the government. D) System of maintaining communication with a company's customers and suppliers. 9) Which statement below best describes the accounting equation? 9) A=L + SE A) Resources of the company equal creditors' and owners' claims to those resources. B) Financing activities equal investing and operating activities. C) The change in retained earnings equals net income less dividends. 11) Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits for the period? 11) A) Use source documents to determine accounts affected by the transaction. B) Prepare a trial balance. C) Post the transaction to the T-account in the general ledger. D) Analyze the impact of the transaction on the accounting equation. 4. Which F/S show debt information to users