Accounting is a system for measuring and summarizing business activities, interpreting financial information, and communicating the results to various users to help them make better business decisions.

1. Explain any FOUR (4) user groups and information needed by each group of them. You should engage an appropriate level of research and related examples.
2. Summarize the differences between Statement of Profit or Loss (Income Statement) and Statement of Financial Position (Balance Sheet). You should engage an appropriate level of research and related examples