BBUS13 accounting for managers

Question a)Describe the general purpose of the statement of comprehensive income. In addition, explain the terms income and expenses as defined by the Conceptual Framework for Financial Reporting.b)Describe the general purpose of the statement of financial position. In addition, explain the terms asset, liability and equity as defined by the Conceptual Framework for Financial Reporting.c)Explain the accrual basis of accountingby defining the principles involved. Illustrate your answer by taking the example of the cost of sales adjustment in the statement of comprehensive income