CAPITALUNIVERSITYOFECONOMICSANDBUSINESSEXAMINGATIONOFACCOUNTING(BACHELORDEGREE05)SCHOOLOFACCOUNTINGDate:Class:NameMarks:I.Matching(10marks)Listedbelowaretechnicaltermsinaccounting.AccountingperiodRealizationSolvencyManagementaccountingAmericanAccountingAssociationRunningbalanceFinancialpositionContra-assetaccountDrawingaccountNormalbalanceEachofthefollowingstatementsmaydescribeoneofthesetechnicalterms.Foreachstatement,indicatethetermdescribed.Thedevelopmentandinterpretationofaccountinginformationintendedspecificallytoaidmanagement.Indicatingthefinancialresourcesandequityofanorganization.Thespanoftimecoveredbyanincomestatement.Anunofficialorganizationcomprisedmainlyofaccountingeducators.Thegenerallyacceptedaccountingprincipleusedindeterminingwhentorecognizerevenue.Havingthefinancialabilitytopaydebtsastheybecomedue.Balancerenewedeachtimetheaccountisdebitedorcredited.ThenatureofbalancetheparticulartypeofAccounthasinusualconditions.Theaccountusedtoproducetheproperassetvaluationinbalancesheet.10.Theaccountusedtorecordthewithdrawalsofassetsbytheowner.II.TrueandFalse(10Marks)1.Financialaccountinginformationisdesignedprimarilyforinternalinformationusers.Accountants’focusuponcompletedtransactionlessenstheusefulnessofAccountingreport.Thephrase“generallyacceptedaccountingprinciples”referstotheaccountingconceptsinuseinUSAandGreatBritain.Allassetaccountshavedebitbalancesinusualconditions.Inrunningbalanceformofledgeraccount,thedatecolumnshowsthedatetheentryisrecordedintheaccount.Thetrialbalanceprovidesproofthattransactionshavebeencorrectlyanalyzedandrecordedintheproperaccounts.Theuseofcomputerscaneliminatemostofthemechanicalworkinvolvedintheaccountingcycle,butitcannoteliminatetheneedforaccountingpersonnelatall.Therotationofemployeescanbetakenasaneffectivemethodtostrengththeinternalcontrol.Financialstatementscanbeprepareddirectlyfromthetrialbalance.Thepercentage-of-completionmethodisanexceptiontotherealizationprinciple.III.Translatethefollowing