Question: 1. What is the basic accounting equation? 2. Define accrual accounting and cash accounting. 3. What is the difference between accounts payable and accounts receivable?

1. What is the basic accounting equation?

2. Define accrual accounting and cash accounting.

3. What is the difference between accounts payable and accounts receivable?

4. How do you calculate gross profit?

5. Explain the concept of depreciation and the different methods of calculating it.

6. What is the purpose of a trial balance?

7. Define the terms debit and credit in accounting.

8. What is the difference between a balance sheet and an income statement?

9. How does the matching principle affect the recognition of revenue and expenses?

10. What are the steps involved in the accounting cycle?

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