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Question 2 (30 marks) Accounting is often referred to as the language of business. Engineers...

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Accounting

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Question 2 (30 marks) Accounting is often referred to as the language of business. Engineers should make serious efforts to learn about a firm's accounting practice so that they can better communicate with top management. This section contains an extremely brief and simplified exposition of the elements of financial accounting in recording and summarizing transactions affecting the finances of the enterprise. These fundamentals apply to any entity (such as an individual or a corporation) called here a firm. b. Differentiate between the income statement and balance sheet. (10 Marks) Provide example and explanation c. Differentiate between fixed assets and current assets. in your (10 Marks) explanation, provide example of both fixed and current asset of a manufacturing company

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