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1-Define the accounting system in your words? (2 marks) 2-Useing accounting information systems can be...

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Accounting

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1-Define the accounting system in your words? (2 marks) 2-Useing accounting information systems can be useful for who? (4 marks) 3-To enhancing the entry of the accounting reports you have to focus on four characters, explain it? (4 marks) 4-Explain the accounting equation and what is the difference between them? (3 marks) 5-What is the difference between account receivable and account payable? (2 marks) 6-Adjusting entry can be different in three accounts, explain it? (3 marks) 7-How can you close the accounts reports in the book? And what should you close and what you should not? (2 marks) 8- Record the flowing transactions: (10 marks) 1) Ahmed and a few friends invest $30,000 to open a supermarket, and the business issues common stock to the stockholders. 2) Ahmed buys supplies on account, with agreeing to pay $1,300 within 15 days. 3) 3- Ahmed pays $500 on account, which means to make a payment toward an account payable. 4) At the end of the month Ahmed pays $ for the following expenses: rent $500; employee salaries, $800; and utilities, $300. 5) Ahmed declares a dividend and pays the stockholders $1,000 cash

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