Q1. Describe four of the accounting principles and assumptions and provide an example for each principle and assumption you describe. (2Marks)

Q2. In this course, we covered journal entries.

1. What is a journal entry? Why is it important? (1Mark)
2. Give two examples of business transactions that require recording a journal entry, and write the journal entry for each transaction. (1Mark)

Q3. What is the difference between accrual basis and cash basis in accounting? Give an example. (1Mark)