QUESTION 3B

Among the objectives of accounting is communication of the financial position and other relevant financial information to the users. For accounting information to be fit for purpose, it must contain certain qualitative characteristics. Required: a. List the two types of the fundamental characteristics and the respective ingredients of each (2 Marks) b. In not more than two lines for each point, list four (4) users of accounting information and their information need (6 Marks)

QUESTION 3B Among the objectives of accounting is communication of the financial position and other relevant financial information to the users. For accounting information to be fit for purpose, it must contain certain qualitative characteristics. Required: a. List the two types of the fundamental characteristics and the respective ingredients of each (2 Marks) b. In not more than two lines for each point, list four (4) users of accounting information and their information need (6 Marks)