1. What is the formula for the basic accounting equation (no abbreviations) (C1-1)? _________________ _________________ ___________________ A different way to show equation? _____________ ______________ _________________ for ___________________ _____________ ______________ _________________ for ___________________ _____________ ______________ _________________ for ___________________ 2. Describe the difference between Private and Public accounting (C1-1). Provide 2 examples of each Private _____________________________________ 1._____________ 2._______________ Public _____________________________________ 1._____________ 2._______________ 3. What is GAAP? What do the letters G A A P stand for (C1-1).? GAAP IS_______________________________________________________________________ GAAP STANDS FOR: G______________A________________A_______________P____________ 4. The teacher suggested several personal and professional reasons for studying accounting. Provide 3 reasons for each. (C1-2) a. Professional 1. _________________________________________________________________ 2._________________________________________________________________ 3._________________________________________________________________ b. Personal 1. _________________________________________________________________ 2._________________________________________________________________ 3._________________________________________________________________ 5. There are 2 major types of accounting (C1-3). Name them 1._________________________ 2.___________________________ Course related at PFW ___________________________ ____________________________ Types of Reports ___________________________ ____________________________ Timeframe/Focus ___________________________ ____________________________ Users of Information ___________________________ ____________________________ Goals of Information ___________________________ ____________________________ Materiality required ___________________________ ____________________________ Professional Certification ___________________________ ____________________________ Who are the rule makers ___________________________ ____________________________ Are debits/credits important ___________________________ ____________________________ Are ethics challenged? ___________________________ ____________________________ 6. Provide the debit and credit for the following accounts circle the normal balance for each item (C2-2). Increase Decrease Assets ____________ ______________ Owners Equity ____________ ______________ Expenses ____________ ______________ Revenue ____________ ______________ Liabilities ____________ ______________