Question: 1. What is the basic accounting equation?2. Explain the difference between accrual accounting and cash accounting.3. How does depreciation impact financial statements?4. Define the term

1. What is the basic accounting equation?2. Explain the difference between accrual accounting and cash accounting.3. How does depreciation impact financial statements?4. Define the term "double-entry accounting."5. What is the purpose of a trial balance in accounting?6. Describe the concept of goodwill in accounting.7. What are the different types of financial statements?8. Explain the term "liquidity ratio" in accounting.9. What is the significance of the matching principle in accounting?10. Define the term "inventory turnover ratio."11. How does the concept of materiality apply in accounting?

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