ALL QUESTIONS IN THIS PAPER QUESTION 1 (4 Marks) Which ONE of the following statements is TRUE? A. In management accounting financial reports must conform to the practices and principles set by International Financial Reporting Standards (IFRS). B. In financial accounting the emphasis is on the future. C. In financial accounting reports tend to be general-purpose useful to a wide range of users. D. In management accounting objective and verifiable information is needed to prepare reports. QUESTION 2 (4 Marks) Goodison Distributors normal credit terms to Lakewood Stores are 30 days but is prepared to allow a 3.2% discount if Lakewood Stores pays the account within 5 days. Calculate the cost to Lakewood Stores of not accepting the discount