Principles of Accounting 101

Q1. Compare the different depreciation methods. Give an example of how companies depreciate their plant assets under each method.

Q2. Why is it important for companies to implement good internal control? What are the principles of internal control? Explain your answer.

Q3. A company wants to use the allowance method to account for bad debts. You are assigned to explain to the company the different ways it can use to estimate bad debts.