QUESTION $1[24$ MARKS$]$

$($a$)$ Differentiate between Statement of Comprehensive Income, Statement of Financial Position and Statement of Cash Flows based on the following requirements:

$($i$)$ Definition

$($ii$)$ Benefit

$($iii$)$ Information needs by the users

$($iv$)$ Format

$[12$ marks$]$

$($b$)$ Explain TWO $(2)$ important reasons to prepare consolidated account.

$[4$ marks$]$

$($c$)$ List any FOUR $(4)$ characteristics of company limited by shares.

$[4$ marks$]$

$($d$)$ Briefly discuss the categories of each type of companies as follows AND provide the example of company.

$($i$)$ Public Company

$[2$ marks$]$

$($ii$)$ Private Company

$[2$ marks$]$