Assignment Question(s) (10 0 Marks) Define accounting equation and give numerical examples for transactions covering all its components namely assets, liabilities, expenses, revenues, stock capital and dividends and represent those transactions on the accounting equation (2 5 marks) Answer Accounting has its unique theory, as it is a type of social sciences discuss this statement explaining main principles and assumptions of accounting (2 5 marks) Answer Define accrual basis and cash basis of accounting then give numerical examples for each method and explain which of them recommended by IFRS (2 5 marks) Answer Ibrahim has a sole proprietorship working in goods merchandising and he needs to choose an inventory costing method Being an accountant, list methods Ibrahim can use and explain to him advantages and disadvantages of each method supported by numerical examples (2 5 marks) Answer

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Question: Assignment Question(s): (10.0 Marks) Define accounting equation and give numerical examples for transactions covering all its components namely assets, liabilities, expenses, revenues, stock capital and

Assignment Question(s): (10.0 Marks)

Define accounting equation and give numerical examples for transactions covering all its components namely assets, liabilities, expenses, revenues, stock capital and dividends and represent those transactions on the accounting equation.(2.5 marks)

Answer:

Accounting has its unique theory, as it is a type of social sciences; discuss this statement explaining main principles and assumptions of accounting. (2.5 marks)

Answer:

Define accrual basis and cash basis of accounting then give numerical examples for each method and explain which of them recommended by IFRS. (2.5 marks)

Answer:

Ibrahim has a sole proprietorship working in goods merchandising and he needs to choose an inventory costing method. Being an accountant, list methods Ibrahim can use and explain to him advantages and disadvantages of each method supported by numerical examples. (2.5 marks)

Answer

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