Assignment :1. Demonstrate an understanding of basic accounting concepts and how

Assignment :1. Demonstrate an understanding of basic accounting concepts and how these apply apply to business2. Outline and contrast cash and accrual bases on accounting3. Prepare a range of financial statements4. Distinguish the activities of a service business from those of a merchandising business and explain how accounting systems work for these businesses5. Demonstrate an understanding of the various methods to monitor inventory6. Describe the nature of cash and importance of internal control over cashREPORT REQUIREMENTS1. word lenght of 2500 words ( includes introduction- conclusion/recommendation)2. Citations: minimum of 3 sources . Peer review are the strongest web page are the weakest3. APA citations and referencing.4. MS word version 2007 or earlier time new roman 12 point font double spaced