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what does each of the following statements mean ? 1. Focus of financial accounting and managerial accounting 2. Four main general-purpose financial statements 3. The

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what does each of the following statements mean ?

1. Focus of financial accounting and managerial accounting 2. Four main general-purpose financial statements 3. The role of accounting in business 4. The role of Financial Accounting Standards Board (FASB) 5. Meaning of GAAP 6. The accounting equation 7. Calculations involving the accounting equation 8. The financial statement that presents accounting equation variables 9. Contents of the balance sheet, income statement and cash flow statement 10. What the business entity assumption means 11. Components of stockholders' equity 12. Meaning of a chart of accounts 13. Meaning of a debit balance 14. Types 15. Accounts with normal credit balance 16. Accounts with normal debit balance 17. Accounts decreased by debits 18. Transactions involving debiting and crediting of an account payable 19. The process of transferring debits and credits from the journal to the ledger is called 20. The process of initially recording a transaction is called or examples of assets

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