Question 1 a) Accounting is the act of recording, classifying and summarizing in significant manner, in terms of money, transactions and events which are in part at least of a financial character and interpreting the results thereof. Discuss (5 marks) b) Accounting is an information system. Discuss (5 marks)c) Current Assets must be reported in a specific manner inline with IFRS, Identify this particular order and explain why. (5 marks)d) ldentify five users of accounting information anddescribe what and how these information are useful. (5 marks) Question 2

a)Explain Financial statement analysis (2 marks)b) Identify 4 financial statement analysis tools and describe their approaches to analysis (8 marks)c) ldentify four elements of the financial statement. (2marks)) d) Explain the complimentary nature of these financialstatements:.Statement of Comprehensive Income 2Statement of Financial position 3.Statement of Cash flow 4.Statement of equity/investment distribution(8marks)