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1. 2. 3. After graduating in business administration course, you plan to start a business in Ipoh. Your father suggests you to set up a partnership business. However, your mother advises you to concentrate on doing the business on your own. Explain to your parents your decision by discussing the advantages and disadvantages of both business organisations. (10 marks) Briefly explain the main reasons for organisation maintaining financial accounting and management accounting? (5 marks) When preparing final accounts, the aim is to present a "true and fair view" of the financial statements of the business. In order to achieve this, accountants are required to base their work on a set of principles which are usually referred to as concepts and conventions. The accounting concepts and conventions can be defined as broad basic assumptions that underlie the accounting for transactions or events in the periodic financial statements of the business. Therefore, you are required to identify and briefly explain FIVE (5) accounting concepts and conventions. (10 marks) Managers are one of the internal users of accounting information. Identify FIVE (5) types of managers and explain what information that they are interested in. (5 marks) 4