Question 1: (8 marks) The goal of accounting is to provide useful information for decisions. Therefore, financial accounting is governed by concepts and rules known as generally accepted accounting principles (GAAP). a) Explain that sentence showing the qualitative characterstics of usefull information. [3 marks). 1 b) The information needs of a specific user of financial accounting information depends upon the kinds of decisions that user makes. Identify the major users of accounting information and discuss what questions financial accounting information answers for each group of users. [5 marks]