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Animal husbandry 🔥🔥🔥🔥‼️

Sculpture Actual Paper🇬🇭💯

Q1a An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, equity, revenue, or expense. These records increase and decrease as the business events occur throughout the accounting period. 1b The basic principle of double-entry bookkeeping reveals that every debit has a matching credit entry of a similar amount. In other words, for each transaction, there is a double aspect that entails the receipt of the account that benefits or receives and a surrender account of the other corresponding account. The concept of receiving and benefiting can explain the double-entry system. It represents the two parties of accounts involved also commonly known as the dual entry of transactions. It entails crediting one account while debiting the other with a similar amount. It is worth noting that a transaction can affect two assets, while another can affect two liabilities. For instance, a cash purchase of machinery which benefits the machinery account because it receives the asset and the cash account which decreases as it gives cash for the transaction with an amount similar to the value of the asset. 1c 1. Each transaction is recorded with its twofold aspects, so the total of one side must be equal to the total of the other side. This helps to improve the accuracy of records. 2. Maximum information can be obtained by the owner of the business and other interested parties. 3. Each transaction of revenue and expenses is recorded, ensuring that the correct information regarding income and losses is provided. 4. Indicates the financial position of the business on any day. 5. Minimizes the chance of errors and, if they are committed, they can be located easily. 6. Serves as a comprehensive record of the business. 2b) Capital expenditures are for fixed assets, which are expected to be productive assets for a long period of time. while Revenue expenditures are for costs that are related to specific revenue transactions or operating periods, such as the cost of goods sold or repairs and maintenance expense 2bii ) capital expenditure: i) purchase of land ii) purchase of Equipment iii) purchase of Furniture and fixtures revenue expenditure i) rents ii) office supply III) payment of salaries,wages @beastexams

1a In bookkeeping, an account refers to assets, liabilities, income, expenses, and equity, as represented by individual ledger pages, to which changes in value are chronologically recorded with debit and credit entries

Main paper Accounting 🔥🔥🔥

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