Task 1: Please address the following questions in your discussion: Important Remember to prepare and post your answers before your class every week. This is part of your Inter-teaching Discussion Preparation. Complete the questions below before attending your class. You should note any areas of confusion or difficulty for further discussion during your class. The questions are derived from Topic Notes therefore discussions should be within that context. Discussion Questions

1) Why is financial accounting regulated whereas management accounting is not?

2) Briefly describe the following accounting elements and give one example of each:

• Equity
• Income
• Expense

3) Choose any two qualitative characteristics of financial reports and explain what they mean.

4) Briefly explain what the statement of cashflows and income statement tell us about a business.