Question 2

A) - Differentiate between accounting cycle and operating cycle?

B)- Distinguish between the two accounting basis used for journalizing the economic events of business entities? What is the accounting base that is acceptable for most businesses in the preparation of financial Statements? Why

C)- What is an unadjusted trial balance? An adjusted trial balance? Post-closing trial balance? Differentiate among them properly?

D- What are closing entries?