1. Write suitable discussion related to (i) the definitions of accounting and the forms of the accounting as a discipline and (ii) the similarities and differences of Financial Accounting and Management Accounting.
2. Discuss the current accounting standards or principles applicable in Ethiopia as a base for financial statement preparation and presentation.
3. Explain the underlying prescriptions of IFRS
4. Describe five types of business transactions with external parties and another five types of business transactions from internal sources of a selected form of business company at your nearby (please indicate the form of company you selected on the answer sheet) and explain how they are journalized and then reported in the financial statements.
5. Discuss the accounting process as a cycle with a given period by explaining each of the steps and by giving practical examples