II Assessment Task Book-keeping is a part of Accounting and it is the process of identifying, measuring, recording and classifying the financial transactions. Recording of business transactions in a systematic manner in the books of account is called book-keeping. It is mainly concerned with the maintenance of books of accounts. It includes identification of financial transactions, measuring these transactions in terms of money, recording these transactions and classifying them into ledger. On this basic accounting concept, you need to prepare a report of 2,000 words by answering the following tasks. The structure of the report should be as follows: 1. Introduction (100 words) a. Explain the meaning of book-keeping and the basic features of book-keeping Discussion (1,800 words) a. Which of the following is not a business transaction and why? i. Purchase of goods for resale amounted to OMR2,000. Paid employees' salaries amounted to OMR6,000. ili. Purchased television for personal use. b. How do you differentiate the book-keeping and the accounting? c. Explain the meaning of the following terms with the examples: Capital ii. Drawings ii. Assets iv. Liabilities v. Expenses d. Under the "Double Entry System" every transaction has two aspects-debit and credit of equal amounts. Explain the following example using the double entry system concept. Example: A business owner purchases a cement mixing plant on credit. The total credit purchase is OMR 50,000. This cement mixing plant will be used in daily business operations and will not be sold for the next 10 years. The estimated life of the cement mixing plant is 10 years. e. Every business transaction can be analysed or expressed in terms of its effect on the balance sheet equation. Give one transaction for each of the following that will have effect on: 1. increase in asset and an increase in liability Increase in one asset and a decrease in another asset ili. Decrease in asset and a decrease in proprietor's equity iv. Increase in one liability and a decrease in another liability V. Increase in asset and an increase in proprietor's equity