Answer the following questions in a Word document and submit to the dropbox below.
1.Differentiate between a fiscal year and a natural business year.
2.When is revenue generally recognized in the accounting records?
3.What types of items frequently require adjusting entries?
4.Why is the net income amount (as derived from the income statement columns of the worksheet) also entered as a credit in the balance sheet columns?
5.Discuss the limitations of the balance sheet.
6.What items are normally included in the Cash account on the balance sheet?
7.What is cash management? Briefly discuss the planning and control aspects of an effective cash management system.
8.What is a bank reconciliation?
9.Explain why uncollectible accounts have both income statement and balance sheet implications for accountants.
10.Briefly describe the two methods that can be used to record losses from uncollectible accounts.