(a) The governments objective is to collect as much revenue through taxes from business and the main objective of businesses is to minimize their costs, in which taxes are inclusive. How can business managers solve this conflicting interest? Discuss.

[8 marks]

(b) List down five objectives of accounting. [5 marks]

(c) Discuss the uses of a balance sheet. [4 marks]

(d) Discuss the four qualities of financial statements. [8 marks]