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Answer each topic question with a minimal of 50 words or more. Cite all references and use APA guidelines if any.
1. What types of people or organizations are interested in financial information about a firm, and why are they interested in this information? Explain and provide example
2. What are the major functions or activities performed by accountants in private industry? What types of services do public accountants provide. Explain and provide example
3. What are the three types of business entities, and how do they differ? Explain and provide example
4. What are the three major areas of accounting? Explain
5. How does net income affect owner’s equity? Explain and provide example
6. What are assets, liabilities, and owner’s equity? Explain and provide example
7. What is the difference between buying for cash and buying on account? Explain and provide example
8. In what order are the financial statement prepared? Why? Explain

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