Q1. Describe four of the accounting principles and assumptions and provide an example for each principle and assumption you describe. (2Marks)
Q2. In this course, we covered journal entries.
What is a journal entry? Why is it important? (1Mark)
Give two examples of business transactions that require recording a journal entry, and write the journal entry for each transaction. (1Mark)
Q3. What is the difference between accrual basis and cash basis in accounting? Give an example. (1Mark)