Question: How do we use the accounts? What is GAAP? Explain. Explain the monetary assumption and the economic entity assumption. Please state the accounting equation. What

How do we use the accounts?

What is GAAP? Explain.

Explain the monetary assumption and the economic entity assumption. Please state the accounting equation. What are the main elements in that equation? Explain.

How business transaction relates to the accounting equation? What are the main financial statements? Explain the purpose of each one of them.

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