1. Write a 500-1,000-word essay describing the purpose of GAAP and the organizationresponsible for creating and enforcing these standards.2. Write a 500-1,000-word essay describing the double-entry system and the purpose andprocess of journal entries. Include the four parts of a journal entry and each part’srelevance. Finally, describe the complete posting process and its purpose.3. Write a 500-1,000-word essay describing the difference between cash-basis andaccrual-basis accounting, and explain which method is consistent with GAAP.4. Write a 500-1,000-word essay describing how and why the Income Summary account isused. Is this account a temporary or permanent account?5. Write a 500-1,000-word essay describing the difference between single-step incomestatements and multi-step income statements. Show examples.