Required: (4 marks X 4 = 16 marks) 1. To define if the accounting concepts and conventions function as a guidance in preparing financial statement. 2. To ascertain if accounting concepts and conventions assist in proving useful information for economic decision-making. 3. To ascertain if accounting concepts and convention assists in recognizing in how accounting transactions are looked into. 4. To define if accounting concepts and conventions leads in producing more meaningful and reliable financial reports