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Part A  
Answer the following questions: (2 marks each) (SITXFIN402 1.1, 1.2, 2.1, 2.2)  
1. What are meant by the terms assets and liabilities?  
2. What is a bank statement and how does it assist in identifying discrepancies?  
3. What is the GST, who pays it and how is it calculated when shown as a GST exclusive price and as a GST inclusive price?  
4. Describe the differences between accrual accounting and cash accounting?  
5. Explain the following:  
a. General ledger b. Chart of accounts c. Journals d. Double entry accounting  
Part B  
Using the following ledgers and bank statement answer the following questions. (5 marks each) (SITXFIN402 1.1, 1.2, 2.1, 2.2) 

Business Management

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