Learning Goal: I’m working on a accounting question and need an explanation and answer to help me learn.
Q1. On your own words, outline the accounting principles and assumptions and explain each one.(Marks5)
Q2. What is the accounting cycle? Explain every step starting from analyzing transactions to preparing post-closing trial balance.(Marks5)
Q3. Based on the following trial balance for ABC Co, prepare an income statement, statement of retained earnings and a balance sheet. The company made no additional investments in the company during the year.(Marks5)
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