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- Clearly explain how a
cash book can be integrated in the extraction/development of theTrial Balance . - Explain the treatment of the proprietor’s additional contribution to an already existing business. In addition, explain the underlying accounting principle you will apply in answering this question
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- Distinguish between cash-basis accounting and accrual basis accounting. Why is accrual-basis accounting acceptable for most businesses and the cash-basis unacceptable in the preparation of an income statement and a balance sheet?When do accountants consider revenue to be realized?What basic question about recording revenue in accountingrecords is answered by the realization principle?Discuss and explain in details the steps of preparing Accrual basis accounting with one example and what are the advantage and disadvantage of using accrual accounting based? support the discussion with relevant literature
- Explain the essence and illustrate the practical application of the accrual concept or principle in accounting; give an example or examples.accounting records the impact of a business event when it occurs, regardless of whether the transaction affected cashExplain the process of double-entry accounting, including its fundamental principles, the concept of debits and credits, and how transactions are recorded and balanced using this method. Provide examples to illustrate the application of double-entry accounting in maintaining accurate financial records and ensuring the integrity of financial statements."
- Define the measurement principle. Select one: a. Requirement that accounting records should all be reported in a single currency. O b. Assumption that a business will continue to operate into the foreseeable future. O c. Accounting for purchases must be at their original cost. d. Transactions should be recorded on the basis of objective evidence where different people looking at the evidence would all arrive at the same conclusion.An explanation of the accounting role of a business. What is the purpose of the function, and why is it required? What type of information does it offer?When it comes to accrual accounting, what do you name the principles and goals that influence the generation of accounting information?
- What is the FASB’s Conceptual Framework? What are the objectives of financial reporting? What qualities make Accounting information useful? What are the most important assumptions in Accounting? What is the Financial Reporting model in the Conceptual Framework? What are the components of an Accounting System? What is the Accounting Cycle? How do we record, post and prepare Financial Statements? What is Cash Basis Accounting?Which of the following statements is characteristic of accrual basis accounting? Expenses are recorded when payment is made. Revenue is recognized when payment is received. Transactions are recorded when they occur. The exchange of cash determines timing of revenue recognition.Additionally, provide an analysis of the transaction. Use a chart like the one from question to advise the affect that the transaction will have on Assets, Liabilities or Owner's equity. Please also include the account that is affected for the category (Cash, Unearned Revenue etc)