Question 1(a)

Explain with your own words the differences among Service, Merchandising and Manufacturing businesses. Provide two examples of Malaysian company for each type of the business.

Question 1(b)

The following transactions of Cemerlang Trading were occurred in the month of April 2021:

1. Cemerlang Trading paid an insurance premium for six future months worth of coverage.
2. Cemerlang Tradings building is presented at cost value RM480,000 although the market value is RM450,000.
3. The owner of Cemerlang Trading paid for her daughter's pre-school fees from the companys bank.
4. Cemerlang Trading received a shipment of goods from Indonesia. The invoice is stated in Malaysian Ringgit.

Justify each transaction to the relevant accounting practices/principles for recording and reporting purpose

Please do it according yyour own words and not copy other helper answer. Please answer both questions as they are from one subpart. Please write in detail for better understanding. Will upvote your effort with multiple account.