Q1:

Why do we have double-entry accounting? Why do we put in everything twice? Why not just once?

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Q2:

For your firm, identify three Assets, three Liabilities and three items of Equity.  Describe what each item means to you (you may find some footnotes in your firm’s financial statements may help you to make more sense of these items). Put on your blog your answer to this question and comment on the answers to this question of at least three other people. Include links to your blog and to your comments in other people’s blogs.

Answer