QUESTION TWO

$2\mathrm{.}1.$ In the context of accounting, what does economic activities mean?

$2\mathrm{.}2.$ In accounting, they often refer to accounting records, explain what are accounting

records and give examples.

$2\mathrm{.}3.$ Define the accounting equation and explain why it should always be at equilibrium?

$2\mathrm{.}4.$ What is a prepaid expense. In your discussion, provide examples

Define the term mark$-$up and why it is important to consider mark$-$up when pricing goods

and services?