Questions -
1. Write a 500-1,000-word essay describing the purpose of GAAP and the organization responsible for creating and enforcing these standards.
2. Write a 500-1,000-word essay describing the double-entry system and the purpose and process of journal entries. Include the four parts of a journal entry and each part's relevance. Finally, describe the complete posting process and its purpose.
3. Write a 500-1,000-word essay describing the difference between cash-basis and accrual-basis accounting, and explain which method is consistent with GAAP.
4. Write a 500-1,000-word essay describing how and why the Income Summary account is used. Is this account a temporary or permanent account?
5. Write a 500-1,000-word essay describing the difference between single-step income statements and multi-step income statements. Show examples.