Question: 1. 2. State the extended accounting equation, explaining each component and providing two (2) examples of each one. There are many Accounting conventions that

1. 2. State the extended accounting equation, explaining each component and providing two (2) examples of each one. There are many Accounting conventions that must be adhered to by Accountants and Bookkeepers in industry. One of these is the accounting entity concept. Please explain this concept. 3. Explain the rules of double-entry bookkeeping in terms of debit and credit accounting principles. 4. There are many regulations around Accounting, some of which we must follow as Bookkeepers and Accountants. a) Explain what Accounting Standards are. b) Who is responsible for developing, issuing and maintaining them? c) AASB 101 discusses the presentation of Financial Reports. What does fair presentation mean within this standard?

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