1. What are the two distinct elements of owners’ equity in a corporation? Define each element. 2. What is the purpose of a balance sheet? 3. How should a balance sheet be dated: as of a particular day...

1. What are the two distinct elements of owners’ equity in a corporation? Define each element.

2. What is the purpose of a balance sheet?

3. How should a balance sheet be dated: as of a particular day or for a particular period of time? Explain your answer.

4. What does the term cost principle mean?