1. Explain the order of priority for asset distributions in a business liquidation.
2. Name the element used to describe the ownership interest in a business.
3. Name the element used to describe creditors' claims on the assets of a business.
4. What is the accounting equation? Describe each of its three components.
5. Who ultimately bears the risk and collects the rewards associated with operating a business?
6. What does double-entry bookkeeping mean?