I need the answer as soon as possible Mr. Ameer wants to open a consultancy service company. He struggles with the process ofbookkeeping and accounting because his specialisation is IT and engineering. He wants to fullyunderstand the accounting principles and learn the basics of bookkeeping for internal purposes. Hehired your services as an accountant.You need to prepare a 1200 – word report addressed to Mr. Ameer as structured below.I. Introduction (200 words)a. Define accounting standards and explain the basic objectives of accounting standards.b. Define matching concept. Discuss why should a business concern follow this concept.II. Discussion (800 words)a. Provide an Accounting Equation based on the following transactions with the effects. Provethat the accounting equation is satisfied in all the following transactions of Mr Ameer.i. Mr Ameer started the business with cash.ii. Purchased an asset on credit.iii. Sold goods to a customer for cash and gained profit.iv. Purchased goods from a creditor on credit.v. Payment made to a creditor in full settlement.b. Provide examples of financial transactions relevant to Mr Ameer that involves:i. Investment of money in the business (1 transaction)ii. Performance of consultancy services for cash and credit (2 transactions)iii. Payment of expenses by cash (1 transaction)iv. Collection of income by cash (1 transaction)v. Purchase of assets for cash and credit (2 transactions)vi. Collection of cash accounts (1 transaction)vii. Payment of accounts by cash (1 transaction)viii. Withdraw cash for personal use (1 transaction)c. From the financial transactions in task b, prepare the Pro-forma templates for the following:i. Journal entries.ii. Ledger accountsiii. Trial balanceIII. Recommendation (200 words)a. Explain with Mr. Ameer the importance of bookkeeping and accounting.ReferencesUse at least 5 sources preferably refereed accounting journals and books or e-books.

Introduction:- Mr Ameer needs to prepare bookkeepinn and accounting so he hired accouting services…

Mr. Ameer wants to open a consultancy service company. He struggles with the process of bookkeeping and accounting because his specialisation is IT and engineering. He wants to fully understand the accounting principles and learn the basics of bookkeeping for internal purposes. He hired your services as an accountant. You need to prepare a 1200 - word report addressed to Mr. Ameer as structured below. I. Introduction (200 words) a. Define accounting standards and explain the basic objectives of accounting standards. b. Define matching concept. Discuss why should a business concern follow this concept.

Mr. Ameer wants to open a consultancy service company. He struggles with the process of bookkeeping and accounting because his specialisation is IT and engineering. He wants to fully understand the accounting principles and learn the basics of bookkeeping for internal purposes. He hired your services as an accountant. You need to prepare a 1200 - word report addressed to Mr. Ameer as structured below. I. Introduction (200 words) a. Define accounting standards and explain the basic objectives of accounting standards. b. Define matching concept. Discuss why should a business concern follow this concept.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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