Importance of Practicing Ethics in Businesses - Advance Amounting - Accounting Assignment Help

Assignment Task :

REQUIRED:

1. Prepare the ledger of Best Accounting Consulting Services by opening T accounts for the accounts

2. Prepare the general journal entries to record the transactions from A to J.  
3. Post the above entries into the ledger accounts or T accounts created in number 1.  
4. Prepare the adjusting entries for the current financial year.  
5. Prepare a fully classified worksheet for the year ended 31st December, 2019.  
6. Prepare the income statement, statement of changes in equity and the balance sheet. 
7. Prepare closing entries. 
8. Prepare a Post-closing trial balance. 
9. Prepare reversing entries (if any) on 1st January, 2020. 
10. Why do business prepare reversing entries? What is the difference between subsequent and reversing entries? 
11. Worksheets are very important to prepare. Discuss this statement. 
12. Equity accounts are different for various types of organizations. Explain your answer and illustrate the equity section for each type of business organization. 

QUESTION 2
ESSAY WRITING 
“Accounting is considered to be the life blood of an organization and therefore the knowledge on complete Accounting Cycle is fundamental to a person studying accounting” (Raj, 2019)
 
REQUIRED:

• Write an essay on the topic: Completing the Accounting Cycle. The following points should be discussed as part of your essay. Word limit is 500 words.
• Discuss with illustrations and examples, the complete accounting cycle. 
• Explain the reasons for adjusting entries, closing and reversing entries.  
• Explain in some detail, the types of adjusting entries prepared and provide sample journal entries for each type.  
• State the accounts involved in the closing process. Which accounts are actually closed off and provide sample closing entries. 

QUESTION 3
ETHICS IN ACCOUNTING  
“Ethics vitality cannot be assessed. This means practicing ethics is very crucial for companies, organization, communities and societies to maintain integrity” (Raj and Roy, 2016). 
 

REQUIRED:
Discuss the above statement with reference to Journal articles and / or textbooks. Also highlight in your discussion, what is ethics and importance of practicing ethics in businesses and daily life. 

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