Scenario

You have applied for a job in the accounting department of a department store.

Task $1$ of $2$ Q&A $($ACs $1\mathrm{.}1,1\mathrm{.}2$ & $1\mathrm{.}3)$

Instructions

As part of the application form, you are to answer the following questions:

$1.$ Explain the aims and purpose of financial and management accounting to business.

$2.$ Who are the various users of accounting information and what information would these users require?

$3.$ Describe the role of the International Accounting Standards Board $($IASB$)$ and the Standards Advisory Council $($SAC$)$