Question: Explain the difference between permanent accounts and temporary accounts and provide an example under each type. (3 marks) Explain the purpose of preparing Balance Sheet,

Explain the difference between permanent accounts and temporary accounts and provide an example under each type. (3 marks)

Explain the purpose of preparing Balance Sheet, and state two accounts which are included in the statement. (2 marks)

Explain the following terms: (5 marks) a. FOB Shipping b. Assets use transaction (provide an example) C. Assets source transaction (provide an example) d. Financial Accounting

Explain the credit term, 4/12, n / 30. (2 marks)

Discuss the difference between cash flow from operating activities and cash flow from Financing activities. (3 marks)

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