a) Vollmers (2009, p.95) defines "accountability broadly, refusing to limit it to modern notions of markets and double-entry bookkeeping". Using three (3) examples from the accounting practices in the ancient civilisation at Persepolis, describe the type of accountability demonstrated. Identify two (2) assumptions underpinning capital markets research (CMR). (6 marks) c) Critically evaluate the type of accountability supported by CMR.

b) Critically evaluate the statement that "the process of standard setting by the International Accounting Standards Board is a technical process and produces accounting standards that are neutral and objective". Justify your answer by referring to two (2) theories used in ACCY903.