TWO (100 marks) Answer all the questions Question one The issue of shares is a long process. List and explain the steps involved in the issue of shares as they will be documented in the books of accounts. (20 marks) Question two Explain the differences between International Accounting Standards (IAS's) and International Financial Reporting Standards (IFRS). (20 marks) Question three a) Discuss the various groups of accounting ratios. (10 marks) b) Discuss some of the difficulties that may rise in the calculation and interpretation of accounting ratios. (10 marks) Question four Explain why it is important to provide consolidated financial statements. (20 marks) Question five a) Explain the power of company to purchase own shares. (10 marks) b) Describe the application, Allotment, First Call and Second Call processes in Relation to share issue. (10 marks) 6