Theory Questions related to subject FNSACC301 & FNSACC302 – process financial transactions and extract interim reports – refer appendix A while answering the belowquestionsProvide brief answers to the following questions.1. What is the accounting equation? 2. What is the accounting entity concept? 3. Where do we first record transactions into a double entry accounting system? 4. What type of accounts are debit by nature? 5. What type of accounts are credit by nature? 6. What is owners’ equity? 7. What are Accounting Standards? Give an example of one Accounting Standard and outline the objective of that standard. 8. List 3 pieces of legislation which may require reports from businesses accounting records.
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