QUESTION ONE $(30$ MARKS$)$

$1\mathrm{.}1$ Name four types of business based on organizational form and proyde a brief description of each bye. $(10$ marks$)$

$1\mathrm{.}2.$ What are the objectives of financlal statements? $(5$ marks$)$

$1\mathrm{.}3.$ What is the accounting equation? $(5$ marks$)$

$1\mathrm{.}4.$ Name and explain the different elements of the financial statements $(10$ marks$)$