Question 1
What is the accounting equation used to prepare the balance sheet for a business?
◦ Assets = Liabilities (-) Shareholders (or Owner's) Equity
◦ Liabilities (+) Assets = Shareholders (or Owner's) Equity
◦ Liabilities (-) Assets = Shareholders (or Owner's) Equity
◦ Assets = Liabilities (+) Shareholders (or Owner's) Equity
Question 2
What is the first step managers should take when implementing a decision-making process?
◦ Analysis of alternatives
◦ Definition of the problem
◦ Implementation of selected alternative
◦ Evaluation of the decision-making process