Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Qsn 4: (a) Briefly explain any three accounting principles. Why accounting principles are important? (b) Assume you are the manager of an engineering company, you

image text in transcribed

Qsn 4: (a) Briefly explain any three accounting principles. Why accounting principles are important? (b) Assume you are the manager of an engineering company, you are advised to measure the performance of the business for the last month. How would you do it? (c) Following balances have been extracted from the different ledgers of a non-manufacturing company named- HR Company Limited. Prepare a trial balance on 31 October 2021: Cash 3,000; A/c Payable 4,000; Service revenue 6,000; Unearned revenue 2,500; Office furniture 7,000; Prepaid salary 1,500; Owner's drawing 3,100 Supplies 1,000; Administrative expense 3,500; Office rent 2,900 and Owner's capital 9,500 (d) Explain the accounting concept. Analyze the fundamental activities of accounting from your own point of view. [4x2.5=10)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Financial Accounting And Reporting

Authors: Ciaran Connolly

6th Edition

1912350025, 978-1912350025

More Books

Students also viewed these Accounting questions

Question

Did the researcher display conflicts and value differences?

Answered: 1 week ago

Question

Describe the problems in the administration of disciplinary action.

Answered: 1 week ago

Question

Explain discipline and disciplinary action.

Answered: 1 week ago