Carry out an essay focused on answering and substantiating the following questions:

• What is an account and how does it help the registration process?
  • Explain the accounting recording process.
• What are the effects of recording transactions on the accounting equation?

Part II. Answer the following:

1. What are the different phases or stages of the accounting cycle?

2. What is a journal ?

3. What are debits (Dr.) and credits (Cr.)?

4. Explain its use in the process of recording business transactions.

5. What is the ledger and how does it help in the recording process?

6. What is an adjustment and what are the types of adjustments used? What is an adjusted trial balance ?

7. Explain the importance of the adjustment process and its effect on the accounting cycle

Part III.

Make two examples that illustrate the basic accounting equation.