19 211 AaBbCd AaBbCe) AaBbCd AaBb AaBbcc Aa 1 Normal Title 1 No Spac... Heading 1 Heading 2 Su Paragraph Styles 1.921314151617181910 10 11 12 13 14 1015 13:16 ACT 2112 SEMESTER I 2013/14 INTRODUCTION TUTORIAL SESSION (a) Explain the meaning of accounting. (b)What is book-keeping? Explain the differences between book-keeping and accounting A complete financial statement consists of five components. State these five components and who is responsible in preparing these financial statements. Do all users of financial accounting information have the same information needs? Why and why not? The two main branches of accounting are management accounting and financial accounting (a) Explain the purpose of each of these branches of accounting (b) Contrast the distinguishing features of the accounting information produced by each branch What are the respective roles of Malaysian Accounting Standard Board (MASB) and Financial Reporting Foundation (FRF) in the setting of accounting standard? What is Generally Accepted Accounting Principles (GAAP)? Why is GAAP required? What do you understand by the following principles? a Going concern b. Accrual basis