Question: 1 . Define accounting and generally accepted accounting principles ( GAAP ) . 2 . State and explain the basic accounting equation. 3 . Differentiate

1. Define accounting and generally accepted accounting principles (GAAP).
2. State and explain the basic accounting equation.
3. Differentiate assets, liabilities, and owners/stockholders equity.
4. Describe how the debit/credit mechanism records business transactions and keeps the equation in balance.
5. Summarize revenue recognition, expense recognition, and the matching principle under accrual accountin

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