1. Describe the system of accounting standards and principles that is utilized in the preparation and communication of relevant financial information. (5 Marks) 2. List and discuss the main objectives and procedures of internal control for use in guiding financial transaction processes. (5 Marks) 3. Preparation of adjusting journal entries. (10 Marks) 4. Preparation of financial statements. (20 Marks) 1. Describe the system of accounting standards and principles that is utilized in the preparation and communication of relevant financial information. (5 Marks) 2. List and discuss the main objectives and procedures of internal control for use in guiding financial transaction processes. (5 Marks) 3. Preparation of adjusting journal entries. (10 Marks) 4. Preparation of financial statements. (20 Marks)