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.