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1) in your own words, describe how we (as accountants) know the correct way to record...

1) in your own words, describe how we (as accountants) know the correct way to record transactions?
2) Pick one of the following acronyms: SEC, FASB, GAAP, IFRS. tell us what it stands for and briefly describe it in your own words.
3) How the "TIME PERIOD ASSUMPTION " applies to financial accounting in your own words?
4) prepaid expenses and unearned revenue are two types of accounts that students have a hard time conceptualizing. choose one of these accounts types and tell us the following ; what part of tge accounting equation does it fallvunder? what is the normal balance? what does this type of account track?
5) why do we create a trial balance at this point in the accounting cycle? what it is purpose and what does it tell us?
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