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Question 2 a) Discuss the following accounting concepts: going-concem, conservatism, and the matching concept, giving examples of how they may be applied in the financial reports. You must use relevant academic literature in your answer. (10 marks) b) Discuss three differences between the Income Statement and the Balance Sheet (statement of financial position). You must use relevant academic literature in your answer. (10 marks) c) ADB Ltd has the following trial balance as at 31st December 2020 f 150,000 90,000 45,000 Sales Motor Vehicles Accumulated Depreciation for Motor Vehicles Opening Stock (as of 1st Jan. 2020) Salaries expense Accounts Receivables Fees received Cash Purchases 15,000 20,000 75,000 45,000 40,000 50,000 40,000 Notes Payables Rent Expenses Utilities Expense Machines Accumulated Depreciation for Machines Share Capital 10,000 25,000 60,000 30,000 75,000 385,000 385,000 The following information is also available: - (1) Closing stock at the 31st December 2020 is 10,000 (2) Included in Utilities expense costs of 12,000 which are paid for the year ended on 30th June 2021. (3) Late rent of 10,000 is due and has not been paid or included in the rent expense yet. (4) Depreciation follows straight line method 20% for Motor Vehicles and 10% for Machines. Required Showing full workings, you are required to: - Prepare an Income Statement and a Balance Sheet for ADB Ltd as at 31st December 2020