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(PLEASE TYPE THE ANSWERS)Chapter 1 Introduction to Accounting and BusinessDescribe the types and forms of businesses, how businesses makemoney, and business stakeholders.Describe the three business activities of financing, investing, andoperating.Define accounting and describe its role in business.Describe and illustrate the basic financial statements and how theyinterrelate.Describe eight accounting concepts underlying financialreporting.Chapter 2 Analyzing TransactionsDescribe the basic elements of a financial accounting informationsystem.How do you analyze, record, and summarize transactions for acorporation’s first period of operations?How do you prepare financial statements for a corporation’s firstperiod of operations?How do you analyze, record, and summarize transactions for acorporation’s second period of operations?How do you prepare financial statements for a corporation’s secondperiod of operations?.Chapter 3 The Adjusting ProcessDescribe basic accrual accounting concepts, including the matchingconcept.How do you use accrual concepts to analyze, record, and summarizetransactions?Describe and illustrate the end-of-period adjustment process.How do you prepare financial statements using accrual concepts ofaccounting, including a classified balance sheet?Describe how the accrual basis of accounting enhances theinterpretation of financial statements.