Question: Question 3 A. Explain the following elements relating to the financial position (balance sheet) of a business: - Assets (give TWO (2) examples) - Liabilities

Question 3

A. Explain the following elements relating to the financial position (balance sheet) of a business:

- Assets (give TWO (2) examples)

- Liabilities (give TWO (2) examples)

- Equity (give TWO (2) example)

B. Explain the following elements relating to the Income Statement (Performance) of a business

- Income/ Revenue (give TWO (2) examples)

- Expenses (give TWO (2) examples) (8 marks)

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