Define Accounting and state the process by which accounting provides information to users.

1. Define Accounting and state the process by which accounting provides information to users.
2. Who are the users of accounting information?-Mention two internal and external users of accounting information.
3. Defined your understanding of the concept of Ethics. Give examples of ethics in the accounting profession.
4. Give the full meaning of the following and explain their role and purpose in accounting.
a. GAAP
b. FASB
c. SEC
d. IASB
5. Define and explain the following concepts:
a. Business entity concept
b. Cost concept.
c. Objectivity concept.
d. Unit of measure concept
e. Matching concept
6. Explain your understanding of the following:
a. Assets
b. Liabilities
c. Owner’s Equity
7. Explain the accounting equation of: Assets=Liabilities + Owner’s Equity
8. Explain the following:
a. Account Payable
b. Prepaid Expenses

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