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Accounting Assignment Sample

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Assignment Sample Of Subject – ACCT1001 Financial Accounting and Reporting

The subject ACCT1001 sample is designed for the students to help them understand key fundamental concepts such as accounting principles, accounting standards and journal entries. 

Sample Questions

Why are financial statements important for accounting purposes? 

Financial statements are important because they provide a standardized history of a company's financial transactions, which include assets, liabilities, revenues, and expenses. 

What is the difference between cash basis and accrual basis accounting? 

Cash basis accounting only records gains and losses at the time of cash receipt or payment. This means this method is much easier, but is a less reliable source of profit reporting.

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