1. Accountants who do financial reporting often complain about the number of accounting standards and regulations that they must comply with. Explain why there is a need for accounting standards in financial reporting. (4 marks)

Describe four tasks that a management accountant might be asked to do. (4 marks)

2. Danny Patel is keen to start his own business and has come to you for advice.

I want to keep costs as low as possible because Im not going to be earning a lot in my first year. I just enjoy woodworking as a hobby and I want to make some money on the side. I dont really have a lot of cash lying around but need some money to upgrade my garage into a proper workshop. Ive asked around and my friend Tony is keen to join the business and have some fun.

Give Danny some reasonable advice about 1) how he can raise the money that he needs, and 2) which legal form his business should take.