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QUESTION 2 (a) Distinguish between a personal transaction and a business transaction and provide an...

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QUESTION 2 (a) Distinguish between a personal transaction and a business transaction and provide an example of each. (4 points) (b) Explain the concept of duality with reference to a transaction involving a business purchasing a machine on credit. (3 points) (c) "An entity's profit in the income statement does not really reflect its cash available." Discuss this statement by referring to the method by which the profit is calculated to support your answer. (3 points) (d) Briefly describe the three main components of the Conceptual Framework. (3 points) [4 +3+3+ 3 = 13 Marks]

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