Question: (a)What is the basic accounting equation? Define the terms assets, liabilities, and owner's equity. What items affect owner's equity? (b) Who are internal users of

(a)What is the basic accounting equation? Define the terms assets, liabilities, and owner's

equity. What items affect owner's equity?

(b) Who are internal users of accounting data? How does accounting provide relevant data to

these users?

(c) Write short notes on(i) Relevance (ii) Reliability(iii) Accrual basis of Accounting (iv)

Revenue recognition principles( v) Matching principles

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