Accounting Test Assignment Target Word Limit: 1250 words Referencing Style: APA Purpose of the assignment The assignment provides you with the opportunity to develop an in-depth understanding of measurement and recognition issues related to financial accounting. As accountants, we are concerned about providing decision-useful information to the users of financial statements for their decision making. To provide decision-useful information to the users of financial statements, accountants often require applying guidance given in accounting standards by using their judgment. (Approximate word count: 1,250 words) According to the Statement of Accounting Concept 1 (SAC1)*, reporting entities must provide decision-useful information to the users of financial statements. Required: Briefly discuss the concept of reporting entity provided by Statement of Accounting Concept 1 (SAC1)*. Explain why the concept of reporting entity is necessary to provide quality financial information to the users of financial statements (Use at least two research articles from academic journals). Structure of Assignment 1. Abstract 2. Introduction 3. Body 4. Conclusion 5. Bibliography, referencing and citations Please note that word count does not include abstract, bibliography or references. *You can access SAC 1 by using the following URL. http://www.aasb.gov.au/admin/file/content102/c3/SAC1_8-90_2001V.pdf