Distinguish between the following:

a. Financial accounting and Management accounting. (6 marks)

b. Profit maximization and Profit satisfaction. (4 marks)

QUESTION 2 a. Identify two users of financial information and give one informational need for each of them. (6 marks)

b. Explain why the needs of stakeholders must be met by an organisation. (5 marks)

QUESTION 3 Through use of appropriate examples, explain why financial information must have the following qualities:

a. Consistency. (3 marks)

b. Comparability. (3 marks)

c. Relevance. (3 marks)