1Identify the four basic financial statements. Classify transactions using the r

1Identify the four basic financial statements. Classify transactions using the rules of debit and credit. Journalize basic transactions. Discuss how financial statements would be useful to externalusers such as investors and creditors. Write a 350- to 500-word summary2Answer the following summary question in 350 to 500 words: Commercial accounting and generally accepted accountingprinciples generally prescribe the accrual basis of accountingover the cash basis. Describe both bases of accounting andexplain the differences.3What do you think will be themost important of the skills learned when you are in an accountingposition? Differentiate between accrual basis and cash basis accounting. Create adjusting entries. Prepare an adjusted trial balance. Write a 350- to 500-word summary