DAC2014-Final_Exam_Question_Paper (Apr20) - Word Table Tools LEE JUN SZENG U X File Home Insert Design Layout References Mailings Review View Help QuillBot Grammarly Design Layout Tell me what you want to do Share A A Aa RA A Find Calibri (Body \\ 12 AaBbCcI AaBbC( AaBb( AaBbCc] AaBbCcI G aac Replace Paste B I U - abe X x A - Z . A . A@ Emphasis Heading 1 Heading 2 Heading 6 Heading 9 Select Sensitivity Open Grammarly Clipboard Font Paragraph Styles Editing Sensitivity Grammarly 4. a) One of your classmates is confused about how debits and credits relate to Dual Concept of Accounting. State the Basic Accounting Equation and the Expanded Equation. From the Expanded Equation, show the relationship between this equation and the rules for debits and credits. (10 marks) b) An accountant prepared a Statement of Financial Position (SoFP) for a business. In the SoFP, Owner's Capital was shown next to Liabilities. However, the owner argued, 'My capital is my major investment asset. As such, it should be shown as an Asset on the SoFP.' Using the Business Entity Concept, clarify to the owner the rationale for classifying Owner's Capital together with Liabilities.| (10 marks) [Total: 20 marks] Page 6 of 6 1089 words [* English (United States) + 100% W 4:22 PM Type here to search 7/13/2020