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Question No. 1 Accounting is an important service activity in business and is concerned with collecting, recording, evaluating and communicating the results of past events. The history of accounting developments reflects its changing role in response to the changing business and social needs. With the emergence of management accounting, the focus of accounting has been shifting from mere recording of transactions to that of aiding the management decisions. Accounting can be perceived as an information system which has its inputs, processing methods and outputs. The usefulness of accounting lies in its capacity to provide information to various stakeholders in business so that they could arrive at the correct decisions. The organizational setting for accounting and finance function may also vary in different organizations, depending upon their nature and size of business, technology and structural form. Required: Do you think that the role of Accounting is very important in a Merchandise business? If yes, explain in your own words to justify the statement. (2 Marks)