Question: Explaining certain information to support the following THREE queries: Query 1 With regards to the entry on 8 September (see below) Tina would like to

Explaining certain information to support the following THREE queries:

Query 1

With regards to the entry on 8 September (see below) Tina would like to know which financial statement element 'Motor vehicle' refers to. Tina has heard that both Assets and Expenses increase on the debit side and she would like to know which of the two (Assets or Expenses) 'Motor vehicle' refers to.You have to discuss the relevant definitions to explain this query to Tina.

Query 2

Tina would like you to explain to her what the two objectives of Accounting are and why these objectives are important when we record Accounting entries.

Query 3

Tina has heard about the "Accounting process" and would like you to explain to her what happens after a journal entry has been recorded.In your discussion you need to explain which steps take place after the journal entry has been recorded until the financial statements are prepared.

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