1. Explain with sufficient detail the purpose of accounting journals and ledgers. 2. Explain with sufficient...

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1. Explain with sufficient detail the purpose of accounting journals and ledgers. 2. Explain with sufficient detail why a bookkeeper prepares a trial balance. 3. Describe with sufficient detail how computer software helps businesses maintain and compile accounting information. 4. What do we call the formula for the balance sheet and what three accounts does it include? 5. Explain with sufficient detail what it means to list assets according to liquidity. 6. Explain with sufficient detail the difference between long-term and short-term liabilities on the balance sheet. 7. Explain with sufficient detail the difference between revenue and income on the income statement. 8. Explain with sufficient detail why is the statement of cash flows is important in evaluating a firm's operations? 2. Required: Cite all resources used to complete assignment in a Bibliography or Reference section at the end of the document (25% deducted if missing) 3. Proofread submission carefully (points deducted for errors and submit to Canvas by the deadline. DEC 2 #3 3 54 4 G Search or type URL % 25 6 <6 28 & 7 N tv F R T Y U * 8 ( 8 9 1. Explain with sufficient detail the purpose of accounting journals and ledgers. 2. Explain with sufficient detail why a bookkeeper prepares a trial balance. 3. Describe with sufficient detail how computer software helps businesses maintain and compile accounting information. 4. What do we call the formula for the balance sheet and what three accounts does it include? 5. Explain with sufficient detail what it means to list assets according to liquidity. 6. Explain with sufficient detail the difference between long-term and short-term liabilities on the balance sheet. 7. Explain with sufficient detail the difference between revenue and income on the income statement. 8. Explain with sufficient detail why is the statement of cash flows is important in evaluating a firm's operations? 2. Required: Cite all resources used to complete assignment in a Bibliography or Reference section at the end of the document (25% deducted if missing) 3. Proofread submission carefully (points deducted for errors and submit to Canvas by the deadline. DEC 2 #3 3 54 4 G Search or type URL % 25 6 <6 28 & 7 N tv F R T Y U * 8 ( 8 9