Describe the differences between ‘accounting’ and ‘book keeping’.

Instructions: Answer ALL questions. QUESTION 1 (20 Marks) a) Describe the differences between ‘accounting’ and ‘book keeping’. (4 marks) b) Identify TWO (2) types of internal user and external user. (4 marks) c) For each of the following, state the appropriate accounting concept or principle. i. The recognition of revenues when earned and expenses incurred regardless of when cash is received or paid. ii. An accounting concept that requires an entity to give the same accounting treatment to similar events in successive accounting periods. iii. For accounting purposes, the assumption that the business will continue in operation indefinitely. iv. An accounting principle which indicates that an organization is viewed as a unit independent from its owners

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Copy the two multiplication problems listed below on separate pieces of paper.

The Anchoring and Adjustment Heuristic Copy the two multiplication problems listed below on separate pieces of paper. Show Problem A to at least five friends, and show Problem B to….

What is the total area of Canada (in either square kilometers or square miles)?

Estimating Confidence Intervals For each of the following questions, answer in terms of a range, rather than a single number. Specifically, you should supply a 98% confidence interval. A confidence….

Would you pay $20 for another ticket for the concert?

The Framing Effect and Background Information Try the following two problems: Problem 1 Imagine that you decided to see a concert, and you paid $20 for the admission price of….