Define accounting equation and give numerical examples for transactions
covering all its components namely assets, liabilities, expenses, revenues, stock
capital and dividends and represent those transactions on the accounting
equation.
Accounting has its unique theory, as it is a type of social sciences; discuss this
statement explaining main principles and assumptions of accounting.
. Define accrual basis and cash basis of accounting then give numerical examples
for each method and explain which of them recommended by IFRS.
. Ibrahim has a sole proprietorship working in goods merchandising and he
needs to choose an inventory costing method. Being an accountant, list
methods Ibrahim can use and explain to him advantages and disadvantages of
each method supported by numerical examples.
