Assignment should be completed and have all requi contents. The assignment should be well explained, analysed, and covers all topics in organised manner using diagrams, charts, and graphs. Assignment answers should include detailed examp Presentation should be detailed and including exam All sources cited properly in accordance with MLA APA style in Assignment. 1. Explain the purpose of the following: a. Income Statement b. Statement of Owner's Equity c. Balance Sheet 2. Identify two advantages of the corporate form of business over a proprietorship 3. Explain the difference between accounts payable and accounts receivable. 4. Explain the rules of debits and credits for each type of account. 5. Briefly describe the flow of accounting information using the accounting cycle. 6. Explain the difference between the ledger and the chart of accounts