Question 1 [CLO 5) (8 Marks) (a) Explain the purpose and usefulness of the financial statements prepared by the company. (2 Marks) (b) Identify the rule/principles applied by the company in preparation of financial statements. Also give reason for applying such rules/principles. (4 Marks) (c) Being one of the integral components of financial statements, balance sheet shows the overall financial position of the company. Therefore, examining total assets and total liabilities for 2015, 2016 and 2017, comment on the financial position of the selected company. (2 Marks)