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 I. The image given below shows one of the basic concept in accounting. Identify the concept related and answer the following questions in your own words. Accounting 1. Financial Accounting 3. Cost Accounting 4. Management Accounting Answer the following Questions (1 mark each) a. Explain two major purposes of each branches of accounting? b. Who are the stakeholders interested in each branches of accounting? c. What type of financial information is used by each branches of accounting? d. Write any three distinctions between various branches of accounting, c. Briefly explain the other branches of accounting which is not stated in the image Case 2. Suppose you are the newly appointed accountant in Dubai Info Tech Industries, Oman. The Company received interest on investment OMR 90000 on 1. 4 2020 for one Year till 31.03 2021. The Company Follows calendar year of accounting. The annual interest income is OMR 90000 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? c. How it will affect the financial statements if this entry is not passed