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1-4 please

1. Define accounting in your own words. 2. What is a job cost ledger? What is the purpose of keeping a job cost ledger? 3. Describe the changes to the balance sheet, income statement, and statement of cash flows for the followin transactions: a. billing a client for a completed construction project b.pay invoices for building materials c. labor charged to a job d. paying employees wages e signing a construction or development loan 4. What is retainage (aka retention)? What is the impact to the balance sheet and income statement for an invoice charged to a job with retention held? How does this differ from an invoice charged without retention