please see instructions below per writing assignment:
1). Define and discuss the accounting equation and each of its components.
2). Give an example of a typical business transaction and discuss its impact on the accounting equation (Your explanation should describe which account(s) are increasing/decreasing and whether those accounts were “debited or credited”).
3). Finally, list and discuss the importance of each of the 4 basic financial statements.
*please use the following quote within the paper:
“The basic tool of accounting is the accounting equation”.
Book (eText): Horngren’s Financial & Managerial Accounting
Tracie Miller-Nobles; Brenda Mattison; Ella Mae Matsumura
The book is not required to complete assignment
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