INSTRUCTION: Read the questions carefully and use your own words to answer the following questions. Answers which are simply extracts from the textbook or the PowerPoint slides are NOT ACCEPTABLE and will grant you zero mark.

1. Why is ethics as important to accountants as it is to the decision makers who rely on financial information?

2. On June 2020, IMO Service extended an offer of 15,000 OMR for building that had been priced for sale at 18,500 OMR. On September 3, IMO Service accepted the sellers counteroffer of 16,750 OMR. Describe how IMO should record the land. Explain

3. Give two examples of each kind of business activity: (a) operating, (b) investing, and (c) financing.

4. Instagram, Inc. is a public corporation and has been one of the worlds most active social networking sites. Its revenue is generated primarily from advertising: (a) Identify two internal users of Instagrams accounting information. (b) Identify two external users of Instagrams accounting information. Write a question that each user might try to answer by using accounting information.