Question: 1. Explain the difference between monetary unit assumption and the economic entity assumption. 2. Transactions made by Ahmed & Co., for the month of April

1. Explain the difference between monetary unit assumption and the economic

1. Explain the difference between monetary unit assumption and the economic entity assumption. 2. Transactions made by Ahmed & Co., for the month of April are shown below. a. Invested OMR30,000 cash to start the business. b. Purchase Equipment for OMR 6,000, Paid cash OMR 3,000 and the balance on note payable. c. Received OMR 5,200 cash from customers for services provided. Instructions: Prepare tabular analysis of above transactions

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