Reference no: EM132782498

Problem i) Mr Bvunzai-Ask a young business man heard accounting students at Africa University talking about the accounting data being processed within a definite time framework, which is known as the accounting cycle. Mr Bvunza-Ask want to know the accounting cycle and why is it called a cycle. Explain to him the accounting cycle giving clear examples where possible.

Problem ii) Mr Bvunza-Ask also heard from the same students that, sometimes a trial balance, may still balance when there are erRprs but sometimes it may not balance because of errors. Explain tor him these errors giving clear examples in each and every error

Problem iii) Mr Bvunza-Ask was again a bit confused when he heard the same students mentioning the terms financial accounting, cost accounting, management accounting and branches of accounting. Explain to him the branches of a differences between them.