Question 1 requires only written answers and is based on B124 Book 1, Chapters 1, 2 and 3, and Book 2, Chapters 1, 2 and 3. (As preparation for this question, as well as all other questions in your three TMAs that require application of knowledge of key accounting terms, you should become familiar with using the Accounting Glossary under Resources on the B124 website. A good way of searching in Books 18 is to open the relevant PDF of a book, key in the keyboard shortcut Ctrl + F, and type in the accounting term or concept you wish to study.) a.A sole trader will be responsible for preparing their own accounting records. Even the smallest sole trader often benefits from using double-entry bookkeeping when recording transactions. i.What are the principal rules of double-entry bookkeeping they should be aware of? (5 marks) ii.Explain the steps in, or process of, recording a transaction using double-entry bookkeeping. (4 marks) (9 marks in total) b.Briefly explain three business services that a professionally qualified accountant can provide to a sole trader. (3 marks) c.Discuss the difference between cash generated and profit earned over an accounting period. To support your answer, you also need to identify the effect on profit and the effect on cash of the following: (1) receipt and payment of a loan (2) buying inventory for cash and on credit (3) selling goods on cash and credit. (10 marks) d. i.Explain how a prepayment for a business expense may originate using an appropriate example. (3 marks) ii.How are prepayments treated in the financial statements? (2 marks) (5 marks in total)