The Understanding of Business Transactions - Accounting & Finance Assignment Help

Assignment Task

QUESTION ONE: (Chapter 1: Nature of accounting and basic concepts) This question is divided into two sections. The first section (1.1) contains 10 multiple choice questions (MCQs), each with 4 alternatives. Present your solution as recommended. The second section (1.2) is more theoretical in nature and is divided into 1.2.2.1 and 1.2.2.2. Answers to all the questions can be found in the study guide. You will have to display your understanding and application of the basic concepts and principles referred to in the questions.

QUESTION TWO: (Chapter 2: Recording transactions in a double entry system) Accounting processes that use the basic accounting equation or the ledger accounts system using debits and credits are covered in this question. Use the format recommended in the question. The basic accounting equation [Assets = Equity + Liabilities] requires only values for each element ie show increases, decreases and no effect for each element. Simultaneously, show the effect on the account debited and the account credited ie whether the account will be debited or credited. The objective of this application is to assess:

- The understanding of business transactions,

- Ability to identify the elements and accounts involved,

- Ability to Identify/determine the amount that needs to be recorded,

- Recording of increases, decreases or no effect in amounts for each element,

- Recording of the names of the accounts to be debited and to be credited.

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