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Accounting Assignment Sample

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Assignment Sample Of Subject ACCT 101-Financial Accounting

The sample ACCT101 introduces the basics of recording, summarizing, and reporting financial transactions. Students learn how to prepare balance sheets, income statements, and cash flow statements, while also understanding the accounting cycle and double-entry system.

 

  1. What is the accounting equation?
    Assets = Liabilities + Equity; it shows how resources are financed.
     
  2. Why is double-entry accounting important?
    It ensures every transaction is recorded with equal debits and credits, keeping accounts accurate and balanced.

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