QUESTION 1 Using relevant examples, outline four differences between financial accounting and management accounting. (8 marks)

QUESTION 2 a. Explain how an organisations growth objective may conflict with its profit objective. (6 marks)

b. Describe three alternative objectives that an organisation might have other than growth and profit. (6 marks)

QUESTION 3

Various stakeholders require different types of information from the financial statement of an organisation. From the following list, identify which user category would most likely be served better by the information and give at least two examples of the type of information they would be looking for.

a. Information about employment prospects and the maintenance of pension funding and retirement benefits. (4 marks)

b. Information about the companys range of products and services and its ability to survive and prosper. (4 marks)

c. Information about the liquidity of the business. I.e. Its ability to pay its liabilities when they become due. (4 marks)

QUESTION 4

Explain how, in the absence of International Financial Reporting Standards, the following factors would affect the accounting systems of different countries.

a. The age and size of the accounting profession. (5 marks)

b. The legal system. (5 marks)