a. Why do accrual-basis financial statements provide more useful information than cash-basis financial statements? (3 marks) b. What ledger accounts are closed at the end of an accounting period? Why are these accounts closed? (3 marks) c. Explain the differences between the periodic inventory system and the perpetual inventory system. What type of organisations are likely to use the periodic inventory system? (2 marks) d. What are two advantages of using special journals in a manual accounting system? (2 marks) e. Identify (using examples) possible reasons why cash flow from operations presented in the Cashflow Statement does not equal net profit in the Income Statement? (2 marks) f. Explain the impact on the Income Statement of using the FIFO inventory valuation method during a period of rising prices. (1 mark) g. What is the main reason for using the allowance method for accounting for bad debts rather than the direct write-off method? (2 marks) h. "With proper maintenance, certain equipment will last almost indefinitely, in which case, depreciation is not necessary." Discuss. (3 marks) i. An investigation of the accounting records of the new partnership found that it was not adhering to generally accepted accounting principles. Identify the accounting concept / principle or qualitative characteristic that is being violated in each of the following situations: (i) The equipment is not depreciated. (ii) Bonnie includes her personal laptop as one of the assets of the new partnership. (ili) Sales revenue is only recorded when cash is received. (iv) Non-current assets are recorded at market value. (2 marks)