a) Explain what accountants mean by the concept of duality in relation to recording business transactions. b) Knowing that you have some accounting experience, a friend has sought your advice regarding a business he is thinking of purchasing. The balance sheet for the business reports plant and equipment as: Plant and equipment at cost …………………….. $400 000 Less accumulated depreciation ………………….. $150 000 $250 000 Required: Your friend wishes to know what these three figures mean and whether the $250 000 is a reliable indication of the current market value of the plant and equipment. c) Explain the meaning of accrual accounting. Include an example in your explanation.
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