What Is Contra an Account? Explain with an example. - Accounting equation the relationship between assets, liabilities, and ownership Explain this term with an example - The going concern concept is related to the company will continue operating in foreseeable future. is it true or not? Explain briefly. - Define the term Obsolescence. o Define the term Depletion and Amortization. - What is the difference between the term "Depreciation" and "Amortization"? Example. - What are the three key financial statements, and what relevant information do they provide to users of accounting reports? - What are various users' interests in financial accounting? Do-all users of financial accounting have the same information needs? Why, or why not? - Describe what is meant by accrual accounting. How does it differ from cash accounting? - Given the following information, prepare an income statement for Gerke Ltd for the year ended 30 June 2022. Rent expense $30000, Cost of goods sold $100000, Sales $250000, Wages $75000, Advertising $25000, Training expense $8000 - Define Cash book with Two methods? - What is an accounting cycle. - Explain the two methods of the depreciation