Define assets, liabilities and equity. State the different categories under each item and give examples of each. $(8$ marks$)$

Briefly explain the matching principal and which financial statements does it impact when reporting transactions. Which financial statements follow the matching principal and which does not? Identify some of the period end adjustments required for the statements that follow the principal. $(8$ marks$)$

During the semester, we spoke about a few cases that have an impact on user's decision making. Can you list two of these world cases discussed and what implications they had on the accounting discipline? $(10$ marks$)$