Basically this assignment is a forum that is requesting we answer 2 - 3 of the below questions in our own words.

Please select a minimum of two (2) from the list below for your initial post (your choice): You may add your own questions/comments for things you might not remember or didn't fully understand from ACC-201, or ACC-202. 1. What is the purpose of a journal? What is the purpose of a general ledger? 2. What is meant by the "dual effect" of each economic event or transaction? 3. Explain the difference between permanent and temporary accounts. Why does an accounting system include both types of accounts? 4. Describe how debits and credits affect assets, liabilities, and permanent owners' equity accounts; How do debits and credits affect temporary owners' equity accounts? 5. Define and describe the various trial balances? What is or are the purpose(s) of the different trial balances? 6. Define prepaid expenses and provide at least two examples. Define accrued liabilities; with your example explain/describe any necessary adjustments. How are the financial statements affected if the adjustment are not performed? 7. Describe the difference between a general ledger and a subsidiary ledger as if you were explaining it to a client with no accounting training. 8. Explain and give examples of why and when knowing how to convert from cash-basis to accrual-basis is important. Is converting the other way from accrual-tocash also practiced in the industry? (give examples). 9. Some of you may have not been taught the section on Special Journals. Share any comments you might have on what might be a new concept for you