The balance sheet and income statement are directly connected through owner’s equity.

Double-entry accounting requires that each transaction affect at least two accounts.

Revenues increase owner’s equity, while expenses decrease owner’s equity.

Source: Katarina Kratovac, “New Discovery Shows Slaves Didn’t Build Pyramids, Egypt Says,” Associated Press, January 11, 2010. Egypt displayed newly discovered tombs more than 4,000 years old and said they belonged to people who worked on the Great Pyramids of Giza, putting the discovery forth as more evidence that slaves did not build the ancient monuments. The series of modest nine-foot-deep shafts held a dozen skeletons of pyramid builders, perfectly preserved by dry desert sand along with jars that once contained beer and bread meant for the workers’ afterlife. Egypt’s archaeology chief said that discovery show that the workers were paid laborers, rather than the slaves of popular imagination. Such tombs would not have been built for slaves. … The ancient Greek historian Herodotus once described the pyramid builders as slaves, creating what Egyptologists say is a myth later continued by Hollywood films. … One popular myth that Egyptologists say was perpetrated in part by Hollywood movies held that ancient Israelite slaves—ancestors of the Jewish people—built the pyramids.  Amihai Mazar, professor at the Institute of Archaeology at the Hebrew University of Jerusalem, says that myth stemmed from a mistaken claim by a former Israeli prime minister. … “No Jews built the pyramids because Jews didn’t exist at the period when the pyramids were built,” Professor Mazar says. … The pyramid builders came from poor Egyptian families from the north and the south and were respected for their work – so much so that those who died during construction were bestowed the honor of being buried in the tombs near the sacred pyramids of their pharaohs. … Though they were not slaves, the pyramid builders led a life of hard labor, said Adel Okasha, supervisor of the excavation. Their skeletons have signs of arthritis. … “Their bones tell us the story of how hard they worked,” Okasha said.  Question: Why do modern experts disagree with the Greek historian Herodotus about who built the pyramids?  

Liabilities represent amounts a business owes to creditors.

Assets are resources owned by a business that are expected to provide future economic benefit.

A trial balance proves that all transactions were recorded correctly.

Which of the following are potential positive outcomes of genetic engineering? Select all that apply.

Which of the following are ways to feed more people (select all that apply)

Rainforests are characterized by high annual rainfall and