QUESTION 1 Double entry book-keeping has been in existence for a long time. In fact, it revolutionised the way in which accounting records were kept and what they tried to record. Many events, including the emergence of this form of recording caused the role of the accountant and the purpose of financial statements to change.

Required: Discuss the emergence of accounting as it is today. Identify the major historical events that stimulated change in the way financial statements are prepared.

QUESTION 2 There is a wide range of users of financial (accounting) information. Every user has different needs.

Required:

• Identify any FIVE (5) users of financial information and explain how their needs are met (or not) by financial information.
• Who is responsible for providing this information?

• Discuss how these needs are met or not met. (Think about the various ways they can get the financial information they require)