Question: (a) Accounting has been defined as both a science and an art. Expound this statement. (4 marks) (b) Explain the following accounting assumptions and principles

(a) Accounting has been defined as both "a science" and "an art". Expound this statement. (4 marks) (b) Explain the following accounting assumptions and principles as used in accounting.. (i) Time Period Assumption (ii) Unit of Measure Assumption (iii) Full Disclosure Principle (iv) Conservatism Principle (12 marks) (c) Explain the type of decisions and information needs of the following users of accounting information (i) Present and potential investors (i) Lenders, suppliers and other creditors (iii) Employees and their representative groups ( 9 marks) Total: 25 Marks

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