1. The basic accounting equation is Assets = Liabilities + 2. The objective of most businesses is to earn a 3. ..... ........ can be defined as an information system that provides reports to users about the economic activities and condition of a business. 4. Financial accountants follow... 5. The activities of a business are recorded separately from the activities of its owners, creditors, or other businesses are called............ 6. Amounts are initially recorded in the accounting records at their cost or purchase price are called.............. 7. The............................................. ..........requires that economic data be recorded in dollars. 8. The resources owned by a business are its .... 9. The rights of creditors are the debts of the business and are called .......... 10. The equation Assets = Liabilities + Owner's Equity is called the. 11. Creditors come in Asset. (True/False) 12. Debtors come in Liabilities. (True False) 13. B/P comes in liabilities. (True False) 14. B/R comes in Assets. (True False) 15. Capital Stock is also known as Owner's Equity. (True False)