Question: Exercise One: Based on our in-class discussion and the presentation about Accounting, (a) what is accounting and how is it different from finance? (b) What

Exercise One: Based on our in-class discussion and the presentation about Accounting, (a) what is accounting and how is it different from finance? (b) What are the three financial statements and what is their importance? (c) What are the Big Four? (d) Who was Arthur Andersen and what is its connection to our Business Ethics Case Studies? (e) What is the Basic Accounting Equation, and what does it mean to have negative equity for a business? (f) What information is contained in the ANNUAL REPORT?

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