Question: THIS IS A DISCUSSION QUESTION NOT MULTIPLE QUESTIONS INTO ONE What are the two main financial statements and what does each tell us? What are

THIS IS A DISCUSSION QUESTION NOT MULTIPLE QUESTIONS INTO ONE

What are the two main financial statements and what does each tell us?

What are the five main types of accounts? Give two examples of each type.

For item 2, list the corresponding financial statement for each type of account.

What is the accounting equation?

List the normal balance of each type of account in part 2 debit or credit. Remember the normal balance (debit or credit) is the same as what increases the account.

What is Retained earnings?

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