Part I

PURPOSE

The purpose of this assignment is to enhance learners skills to explain the financial statements and financial reporting aspects and apply the accounting process in recording the transactions of a partnership.

REQUIREMENT

Answer all the questions and show your detailed workings clearly.

[Total: 40 marks]

ASSIGNMENT 1 (CLO1)

Question 1

Explain the values of the qualitative characteristic of accounting information of for relevance and faithful representation.

Question 2

Explain accounting as a decision making tool with the support of a relevant example.