XACC 280 Week 1 Assignment The Accounting EquationView The Accounting Equation and Write an explanation of the function of each element in the accounting equation, using 100 to 150 words.XACC 280 Week 3 DQ 2Why are accounting assumptions important? Which accounting assumption is the most important? Why?XACC 280 Week 5 DQ 1What are reversing entries? How is it different from an adjusting entry? Why are reversing entries required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries?XACC 280 Week 7 DQ 1Select three ratios, one from each category—liquidity, profitability, and solvency—you think are the most important. Why do you consider these ratios important? Which internal and external users might be most interested in these ratios? Explain why.