(1) What is the accounting equation? Suppose your company paid $6,000 in cash for its rent. How does this transaction impact the accounting equation?

(2) What are the four basic financial statements? Describe the statement of cash flows, and explain why it is important.

(3) What is the Sarbanes-Oxley Act? Why is it important to the accounting profession?

(4) How does vertical analysis of financial statements differ from horizontal analysis? Which method do you think is a better analysis tool?

(5) Why is capital budgeting important? What is the net present value method? How do you know whether to accept a project using this method? (Points : 26)

(6) What are five different types of decisions that could use incremental analysis? What are the relevant costs in accepting an order at a special price?

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