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How has the increasing complexity of modern business contributed to the development of accounting? A Lenders need more information B Government needs more information Too many transactions, so managers need a means of summarising them D Too many transactions, so investors need a means of summarising them Five categories of people who might use accounting information about a business are: (1) (2) (3) (4) (5) Fill in the blanks. The main distinction between financial accounting and management accounting is that financial accounting provides - information to people the organisation, whereas management accounting provides information to on which they can base Accounting information is limited to items having a monetary value. True or false? Explain briefly: (a) What is a statement of financial position? (b) What is an income statement