Assessment 1: part 1.

Accounting has been described as '.. a system of recording information about a business. It involves recording , analysing and summarising the transactions of an entity to provide information for decision making '

Required

a. Identify who are the decision makers referred to in the above definition and explain their need for accounting information. (your answer should concentrate on a large company listed on the stock exchange). (12 marks)

b. Accounting has been partly described above as '...a system of recording information about a business......' Identify and explain the advantages and disadvantages of any two for profit business structures which an accountant may encounter. (13 marks)