1. What is accounting? Define it in terms understandable to someone without a business background.    2. What are five different groups of users of accounting information? Briefly describe the types...

1. What is accounting? Define it in terms understandable to someone without a business background.

2. What are five different groups of users of accounting information? Briefly describe the types of decisions each group must make.

3. How does owners’ equity fit into the accounting equation?