(Objectives of this case study) To understand the application of accounting principles in recording of financial transactions To analyze the treatment of adjustment entries in the preparation of final accounts Case 1. The image given below shows one of the basic principles of accounting. Identify the concept related and answer the following questions in your own words. Accounting Period 1st January 31" December One Year Accounting Period Answer the following Questions (1 mark each) a. Explain the above accounting principle in your own words. b. Discuss any three examples to explain the accounting concept. c. What are the basic objectives of this accounting principle? d. How does this concept affect the valuation of assets and liabilities? e. Which is the most popular accounting period followed by the companies in Oman