Knowledge QuestionsQuestion $1\mathrm{.}1$Describe the difference between data and knowledge.Question $1\mathrm{.}2($a$)$What do information systems capture and why are they important?Question $1\mathrm{.}2($b$)$Use the variables provided to create a coding system that could be used to input data:Case number$*$ GenderMonth of birthMarital status$*$ Annual income: Sichest academic qualificationQuestion $1\mathrm{.}3($a$)$How can you check accuracy and consistency of invoices?Question $1\mathrm{.}3($b$)$What role does double entry accounting have in checking internal and external financial data for consistency and accuracy?Question $2\mathrm{.}1($a$)$Prepare a guide for writing reports.Question $2\mathrm{.}1($b$)$What are the legal obligations in terms of reporting for a GST registered entity?Question $2\mathrm{.}1($c$)$Identify and describe the key features of financial legislation covering taxable transactions and reporting requirements and how statements meet these requirements.Question $2\mathrm{.}2($a$)$List five errors or discrepancies you might find when preparing financial reports.Question $2\mathrm{.}2($b$)$While you have been preparing a bank reconciliation you have come across several inconsistencies that have all arisen in accounts controlled by one of your managers. It is not fraudulent but charges have been wrongly allocated and as a result it distorts the true picture. What would you do in this situation?Question $2\mathrm{.}3($a$)$When should discrepancies be identified and dealt with?Question $2\mathrm{.}3($b$)$What action should you take if a discrepancy occurs but you do not know how to fix it$?$Questions $3\mathrm{.}1/3\mathrm{.}21.$ What is the definition of a reporting entity?$2.$ List and describe the three types of non$-$reporting entities.Questions $3\mathrm{.}3$Describe techniques and methods of presenting financial data for non$-$reporting entities.Questions $3\mathrm{.}4$What is the debit and credit formula for each of the five account types?