QUESTION 4: Conceptual Framework (10 marks) "(Element: Asset, Liability, Revenue, Expense, Equity) **a link explaining this method of referencing is available on the ACG11 Learnonline site under the "Subject Essentials" block) REQUIRED: Please write a letter in your own words, using the Harvard referencing system wherever appropriate addressing the queries raised by Sahra Ong (the client). Sahra Ong has written to the Managing Partner of the accounting firm you work for as a graduate accountant because she is confused about a journal entry she prepared on the 16th November (see question 2). When Sahra discussed this transaction with her friend Jed Skee, he told her that she should credit the account "Equipment" but she does not know why as she only thought you should debit the account "Equipment and she is a bit embarrassed to ask her friend to explain. Explain with reference to the appropriate accounting definition the accounting element that was credited on the 16th of November. Ensure you also explain why the account was credited. (4 marks) Jed Skee was asking her what 'form' or structure her business 'Vacation' is. Sahra is not entirely sure. Please advise Sahra of the main three "forms' or structures of business as described in Accounting for Business and which one 'Vacation is and why. (4 marks) Up to an additional 2 marks will be awarded for following the formatting requirements below. Formatting hints: Date your letter the 16th of December 2020 Address your letter to Sahra Ong, 'Vocation', 16c Pebble Lane, Pt Laizal, SA 5401 Any formal business letter format is acceptable (a template has not been provided - students are expected to research business letter formats themselves). Set out your letter with subheadings to separate each part of your letter as you address the criteria required. Consider an appropriate way to begin and end your letter (consider the context of the letter). The use of appropriate language, accounting terminology and reference in your letter to the specific information presented in the question. No specific word count is prescribed. However, given the nature of the question, it would be expected that the entire letter (including address and sign-off) should require no more than a full page. . QUESTION 4: Conceptual Framework (10 marks) "(Element: Asset, Liability, Revenue, Expense, Equity) **a link explaining this method of referencing is available on the ACG11 Learnonline site under the "Subject Essentials" block) REQUIRED: Please write a letter in your own words, using the Harvard referencing system wherever appropriate addressing the queries raised by Sahra Ong (the client). Sahra Ong has written to the Managing Partner of the accounting firm you work for as a graduate accountant because she is confused about a journal entry she prepared on the 16th November (see question 2). When Sahra discussed this transaction with her friend Jed Skee, he told her that she should credit the account "Equipment" but she does not know why as she only thought you should debit the account "Equipment and she is a bit embarrassed to ask her friend to explain. Explain with reference to the appropriate accounting definition the accounting element that was credited on the 16th of November. Ensure you also explain why the account was credited. (4 marks) Jed Skee was asking her what 'form' or structure her business 'Vacation' is. Sahra is not entirely sure. Please advise Sahra of the main three "forms' or structures of business as described in Accounting for Business and which one 'Vacation is and why. (4 marks) Up to an additional 2 marks will be awarded for following the formatting requirements below. Formatting hints: Date your letter the 16th of December 2020 Address your letter to Sahra Ong, 'Vocation', 16c Pebble Lane, Pt Laizal, SA 5401 Any formal business letter format is acceptable (a template has not been provided - students are expected to research business letter formats themselves). Set out your letter with subheadings to separate each part of your letter as you address the criteria required. Consider an appropriate way to begin and end your letter (consider the context of the letter). The use of appropriate language, accounting terminology and reference in your letter to the specific information presented in the question. No specific word count is prescribed. However, given the nature of the question, it would be expected that the entire letter (including address and sign-off) should require no more than a full page
