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Question 2: A) As you know financial statements are the end results of any business. There are many financial statements but two of them are

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Question 2: A) As you know financial statements are the end results of any business. There are many financial statements but two of them are very important where one of them is statement of financial performance which is frequently used by the external parties. You are required to explain who the users of statement of financial position are and how it helps in decision making? (4 Marks, Word Limit 100 - 150) B) Given the data below, you are required to prepare income statement of the Bricks Incorporation. Advertising expense 6250 Insurance expense 6900 Interest revenue 5650 Sales 300000 Interest expense 8400 Depreciation expense 4700 Sales Discount 2000 Cost of goods sold 180000 Sales salaries expense 40000 Sales Return & Allowances 4500 Office supplies expense 1200 (6 Marks, Word Limit 50 - 100)

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