$1.$ Define accounting and explain its importance $(5)2.$ List any $10$ users of accounting information and state the information they require. $(20)3.$ Explain any $5$ five objectives of accounting. $(10)4.$ Discuss the main elements of accounting, giving two examples under each. $(15)5.$ Briefly state any five uses of the general journal book.$(5)6.$ Discuss the reasons why the bank balance in the cash book is often different to the bank balance as shown in the bank statement. $(8)7.$ Edmore has been running as a sole trader for some years. He recently attended a conference on small business and one thing which was discussed is that for small businesses to expand, they need to register as limited liability companies. Edmore has now approached you, and wants you explain to him the benefits of forming a private limited company over being a sole trader. Explain to him the advantages if any of forming a private limited company. $(8)8.$ Elucidate these two accounting concepts in as much detail as possible: materiality and conservatism. $(4)$