QUESTION 1) 'The accounting process and the reporting requirements must be the same for a small family owned milk bar and a listed company'. Do you agree with this statement?

QUESTION 2) 'Ensuring that the accounting equation is strictly followed while recording all the business transactions guarantees the accuracy of the financial data recorded and reported in the financial statements.' Discuss to validity of the statement.

QUESTION 3) 'All costs are classified as Expense, recorded in the Income Statement and affect overall Equity of the business adversely.' Discuss the statement.