Val is opening a hair salon, but she does not know what business form it should take. Tell her about the advantages and disadvantages of operating as a sole proprietorship versus a corporation.

The accounting process generates financial reports for both internal and external users. Describe some of the specific groups of internal and external users.

List the three main types of business activities on the statement of cash flows and give an example of each.

What are the purposes of (a) the balance sheet, (b) the income statement, (c) the statement of retained earnings, and (d) the statement of cash flows?