1) in your own words, describe how we (as accountants) know the correct way to record transactions?

2) Pick one of the following acronyms: SEC, FASB, GAAP, IFRS. tell us what it stands for and briefly describe it in your own words.

3) How the "TIME PERIOD ASSUMPTION " applies to financial accounting in your own words?

4) prepaid expenses and unearned revenue are two types of accounts that students have a hard time conceptualizing. choose one of these accounts types and tell us the following ; what part of tge accounting equation does it fallvunder? what is the normal balance? what does this type of account track?

5) why do we create a trial balance at this point in the accounting cycle? what it is purpose and what does it tell us?