QUESTION 5

									Marks
(a)		List six types of users of accounting information. Outline the information that each class of user is interested in and state why.							6
(b)		A business is commonly structured in one of three ways: sole trader, partnership, or limited liability company. Describe the nature of each of these business structures.							6
		Outline three advantages of structuring a business as a sole trader in comparison to partnership and limited liability company.
(c)		Outline three roles that an accounting professional commonly undertakes within an organisation.							3
(d)		Outline your understanding of the term 'external audit'. Explain why carrying out a statutory external audit annually is important for many companies.							3
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