Questions for Understanding

1. What is the path of currency (coins and banknotes) from manufacture to circulation?
2. Is currency an asset?
3. Is bank account money an asset?
4. What other assets do you own?
5. What are some non-cash assets owned by a local bookstore?
6. What are some non-cash assets owned by a bank?
7. Is there a simple definition of "liability"?
8. What is the fundamental accounting equation?
9. Is there a simple definition of "owners' equity"?