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Short answers . 500 words for total

100 for each question

 

Accounting homework

 

 

Write a 100-word essay describing the purpose of a trial balance and explain the difference between a trial balance and a balance sheet. Explain the concept of error-free trial balancing and how to correct errors in a trial balance.

 

Write a 100-word essay describing the revenue recognition principle and the matching principle. When is revenue recorded? When are expenses recorded?

 

Write a 100-word essay describing how and why the Income Summary account is used. Is this account a temporary or permanent account?

 

Write a 100-word essay describing the difference between single-step income statements and multi-step income statements. Show examples.

 

Write a 100-word essay describing the four accounting principles that affect merchandise inventories. What is the goal of conservatism?

 

 

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