1. To bring uniformity in accounting information, accountants all over the world follow certain common practices known as concepts, conventions and postulates while recording financial transactions. These practices come under preview of accounting theory framework. Discuss the following in Accounting Practice with examples; a. Generally Accepted Accounting Principles (GAAP) b. Accounting Standards (AS) C. Accounting Systems 2. Preparation of final accounts is governed by different Acts, Laws, Standards and Principles like Income tax law, Company Act, Partnership Act, Accounting Standards (AS), Generally Accepted Accounting Principles (GAAP) etc., used for valuation of financial transactions/events to standardize accounting information, which in turn depends upon type of organization concerned. The final accounts are prepared based on the nature of operations of these types of businesses. Differentiate between the following types of final accounts; a. Trial Balance and the Balance sheet b. Manufacturing Account and Trading Account c. Trading Account and Profit and Loss Account d. Income statement and Balance Sheet