Question: 1. In the accounting book-keeping process, what is the difference between the general journal and the general ledger. Answer: 2. With the aid of the

1. In the accounting book-keeping process, what is the difference between the general journal and the general ledger.

Answer:

2. With the aid of the accounting equation, explain why increases in assets in accounting are recorded as debits

Answer:

3. If a business sells $2000 worth of inventory to a customer for $3000 on credit, show all of the relevant journal entries for this transaction.

Answer:

4. Given the more common name and describe the purpose of

i) the Statement of Financial Position &

ii) the Statement of Financial Performance

How is the information contained in these statements related?

Answer:

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