First question:

There are two bases in accounting that are used to determine the net result of a project's business of profit or loss for a specific financial period. These two foundations are: the accrual basis and the monetary basis.

Required:

$1-$ Clarify the concept of accrual basis and cash basis, and in what type of facility each is used

$2-$ Discuss the advantages and disadvantages of the accrual basis.

$3-$ Discuss the advantages and disadvantages of the cash basis.

$4-$ Explain why some companies shift from cash to accrual.

Second question :

Inventory is one of the most important items of current assets, due to its relative importance, whether in commercial or industrial projects.

Required:

$1-$ Clarifying the concept of commodity inventory, and discussing methods of managing commodity inventory in an optimal manner

$2-$ There are several methods that are used in the valuation of commodity inventory. Explain $3$ ways to determine the cost of inventory, supporting your answer with practical examples for each method

$3-$ Statement of the effect of using these methods on the cost of goods sold and on the income statement, through the examples that have been explained by the student

Third question :

Inventory adjustments are an accounting process that is made at the end of the financial period with the aim of determining the results of business during the accounting period and verifying the financial position of the entity, by adjusting the accounts and adjusting their balances in order to determine the expenses and revenues for each accounting period separately.

Required:

$1-$ Clarify the objectives of inventory settlements

$2-$ Determine the differences between inventory and inventory adjustments

$3-$ Identify four cases of inventory adjustments through which:

A$-$ Conduct accounting treatment through a proposed practical example for each individual case

B$-$ Statement of the impact of these adjustments on the financial statements $($income statement and statement of financial position$)$