Select a Company listed in the Colombo Stock Exchange in Sri Lanka and use the latest financial statements from the Annual report published by the selected company to answer the following questions.

1. Accounting can be defined as a systematic process of identifying, recording, classifying, verifying, summarizing, and analyzing financial information of an organisation. Briefly, explain the main objective of Accounting?                                                        
2. Select three accounting policies used by the company in the preparation of financial statements from the annual report and explain the importance of those policies and the accounting concepts/principles relevant for the same.                                                                   
3. If the purchase cost of a tangible asset (Property, Plant & Equipment) is not charged to the income statement in the year of purchase, how can a company recognize expenses relating to these assets in the financial statements.