QUESTIONS 1. Explain the term accounting. Also explain the two branches of Accounting? (5 Marks) 2. Explain the effect of the following three transactions on the Accounting equation. (3*2=6 Marks) a) Deposited cash in bank AED 20,000 b) Purchased supplies on account from Sharjah Corporation AED 5,000 c) Paid salaries to staff AED 10,000 3. Write the journal entries for the following transactions. (3*3=9 Marks) Date Transaction Amount 1/1/2016 Started business with cash as capital 100,000 2/1/2016 Purchased furniture for cash 20,000 3/1/2016 Paldront 5,000 4. The cost of equipment's is $ 27,000, its estimated residual value is $2,000, and its estimated life is 5 years. (5 Marks) 5. What is perpetual accounting system? What are their advantages