Please complete the following 5 essay questions. At least 2-5 sentences each question, in your own words.

1. Contrast the way income and expenses are treated in cash-basis, accrual-basis, and modified cash-basis accounting

2. Discuss the requirements of trust accounts and some of the more common rules imposed by states on the handling of trust funds

3. Identify the most common operating expenses involved in income property management

4. Describe the income tax ramifications of owning income property and identify the four main types of tax deductions available to property owners

5. Still think property management is a good field?....why?