Question: 1. As it relates to accounting please discuss the concepts of recognition, valuation and classification. 2. What is a trial balance? 3. List and discuss

1. As it relates to accounting please discuss the concepts of recognition, valuation and classification.
2. What is a trial balance?
3. List and discuss the accounting conventions.
4. List and discuss the different types of inventories
5. What is internal control, why is it needed? List and discuss the components of internal control
6. What are long term assets? List and discuss the different methods of computing depreciation.

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1 The concept of recognition refers to timing decision of a company to record a business transaction Companies follow the recognition guidelines as recommended by generally accepted accounting princip... View full answer

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