Principles of Accounting - Accounting and Finance Assignment Help

Assignment Task

Give a brief answer to each of the following activities:

1. List the accounting equation

2. Explain owner's equity

3. If total assets are R50 000 and total liabilities are R20 000, what is the amount of owner's equity?

4. Merchandise costing R12 000 are sold for R15 000 cash. How does this transaction impact accounting equation?

5. Identify the financial statement that is closely related to the accounting equation and why

6. Explain the difference between liabilities and owner's equity

7. Explain how depreciation on a fixed asset affects accounting equation?

8. List the objectives of financial statements?

9. Define retained earnings.

10. Explain what is an adjustment

11. Explain what are outstanding expenses

12. Explain what is meant by prepaid expenses

13. Identify how prepaid expenses and outstanding expenses shown in the balance sheet

14. Explain what is accrued income/revenue

15. Explain what is unearned income/revenue

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