Question No 3: (5+5=10 Marks) (Objectives of this case study) To understand the application of accounting principles in recording of financial transactions To analyze the treatment of adjustment entries in the preparation of final accounts Case 1. The image given below shows one of the basic principles of accounting. Identify the concept related and answer the following questions in your own words. Prudence Concept in Accounting Answer the following Questions (1 mark each) a. How would you define this accounting principle in your own words? b. Discuss any three examples where this accounting concept can be applied. c. How this concept of accounting related to assets, liabilities and equity? d. How does the concept affect the profit or loss of the business? e. Write the alternative name of this accounting principles? Case 2. Suppose You are the newly appointed accountant in Technical Trading Company LLC, Oman. The Company Paid Rent of the Building to Landlord on 1.4.2020 for one Year till 31.03 2021. The Company Follows calendar year of accounting. The rental paid is 48000 per year. Answer the following Questions (1 mark each) a. Name the adjusting entry related to this transaction and pass entry to record the transaction? b. How will you define this adjusting entry in a single sentence? c. Which accounting concept is most applicable to this adjusting entry? d. How this amount is to be shown in balance sheet/ Income statement? e. How it will affect the financial statements if this entry is not passed