ACC5000: Advantages and Disadvantages of the Principles vs Rules Based Approach to Accounting - Accounting Assessment Answer

ACC5000

Accounting Assignment Task

Part A 
1. Using the information provided enter the transaction in the company in Xero Learn using your USQ paid access Xero account. Details of how to accessthis account will be emailed to students from XeroLearn.
2. Record the opening balances.
3. Record June’stransactions in Xero.
4. Prepare the following reports from Xero:
a. Aged Accounts Receivable
b. AgedAccounts Payable
c. Profit and Loss Statement
d. Balance Sheet
5. These reports must be identicalto the reports in the Xero learn platform so that we can accurately mark your assignment.

Part B 
Evaluate the advantages and disadvantages of the Principles vs. Rules based approach to accounting. Discuss and critically analyse which of these is more appropriate. Determine (in your opinion) which of them is the most reliable, and which most accurately present relevant information. You must explain why you have come to this decision.

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