1. Accounting provides a vital service by supplying the information that decision makers need to make reasoned choices among alternative uses of scarce resources in the conduct of business and economic activities. Identify four (4) users of accounting information and the type of information that will be of interest them. (6 marks)
2. Mention five (5) qualitative characteristics of good financial information. (5 marks)
3. The elements of financial statement include assets, liabilities, shareholders equity, income and expenses. With two examples each explain each of the following elements. (5 marks)
4. What are source documents? Mention four examples of source documents (4 marks)