Come Insert Draw Design Layout Arial V 12 A A Aa Po G Paste ADA B I Uab x, x Answer the following questions. 1) What are the two functions of financial accounting? 2) List and describe the 3 forms of business. 3) What is the fundamental accounting equation? 4) Define the components of the accounting equation. 5) List and describe (what appears on) the four primary financial statements. 6) List the four basic assumptions that must be made and describe each. Page 1 of 2 259 words English (United States) I work (1) Saved to my Mac Tell me Share AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdEe AaBb( AaBbCcDdEe > Normal No Spacing Heading 1 Heading 21 Title Subtitle Match the following items: Account Classifications 1. Assets 2. Liabilities 3. Stockholders' equity Dividends 456 Revenues Expenses Descriptions a. sales of products or services. b. Owners' claims to resources. c. Distributions to stockholders. d. Costs of selling products or services. e. Resources of a company. f. Amounts owed. Complete the following: For each transaction, indicate whether each account would be classified as (a) an asset on the balance sheet (b) a liability on the balance sheet (c) stockholders' equity on the balance sheet (d) a revenue on the income statement (e) an expense on the income statement (f) a dividend on the stockholders' equity statement. Account Classifications 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Accounts Rent expense Interest revenue Dividends Land Accounts payable Utilities payable Cash Salaries expense Common stock Service revenue Related Transactions Cost of rent. Interest earned on savings account. Cash payments to stockholders. Land used for operations. Amounts owed to suppliers. Amounts owed for utilities. Cash available for use. Cost of salaries. Shares of ownership sold to investors. Sale of services to customers. Focus