Question: QUESTION 1 Double entry book-keeping has been in existence for a long time. In fact, it revolutionisedthe way in which accounting records were kept and

QUESTION 1

Double entry book-keeping has been in existence for a long time. In fact, it revolutionisedthe way in which accounting records were kept and what they tried to record. Many events, including the emergence of this form of recording caused the role of the accountant and the purpose of financial statements to change.

Required:

Discussthe emergence of accounting as it is today.Identify the major historical eventsthat stimulated change in the way financial statements are prepared.

QUESTION 2

There is a wide range of users of financial (accounting) information. Every user has different needs.

Required:

  • Identify anyFIVE (5)users of financial information and explain how their needs are met (or not) by financial information.
  • Who is responsiblefor providing this information?
  • Discusshowthese needsare met or not met.
  • (Think about the various ways they can get the financial information they require)

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