Assessment 2: Weighting: 40% Due Date: November 3rd, 2022 @ 11:55 PM ECT Related Course Objectives: 1. Describe the system of accounting standards and principles and utilize these in the preparation and communication of relevant financial information. (5 Marks) 2. Apply the accrual method of accounting and the accounting cycle in preparation of the adjusting entries, and adjusted trial balance. (10 Marks) 3. Prepare a balance sheet and income statement for merchandising and service organizations. (25 Marks) Assignment Description and Instructions