Define “equity” as used in managerial accounting and explain how liabilities relate to equity.

Please answer the following questions from an accounting stand point: 1. Define “equity” as used in managerial accounting and explain how liabilities relate to equity. 2. What is the “monetary unit assumption” in managerial accounting? 3. How is a payment a business receives from a customer for products the business sold on credit recorded? a. A debit to cash and a credit to accounts payable b. A credit to cash and a debit to accounts payable c. A debit to cash and a credit to accounts receivable d. A credit to cash and a debit to accounts receivable 4. What is the normal balance of a revenue account? a. Cash b. Credit c. Debit d. Equity 5. When a business forecasts its free cash flows for an expansion it is planning, what is meant by “minimum required cash,” and what do businesses generally do with cash it retains above the amount needed for its projected transactions?