Discuss the expansion of the basic accounting equation to include revenues and expenses.

1. Discuss the expansion of the basic accounting equation to include revenues and expenses. Discuss and illustrate how this expanded accounting equation stays in balance after every transaction and whether the rigorous rules of accounting necessarily mean there is only one numerical answer. Explain.2. Describe the accounting issues and methods for one Cash, Inventory, and Accounts Receivable, how inventory costing assumptions influence the resulting accounting numbers.