1. Accounting provides information to users for decision-making purposes about the allocation of limited resources. (i)

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1 Accounting Provides Information To Users For Decision Making Purposes About The Allocation Of Limited Resources I 1 (405.67 KiB) Viewed 8 times

1. Accounting provides information to users for decision-making purposes about the allocation of limited resources. (i) Identify TWO (2) main users of financial reporting information. (ii) Describe the type of decision made by each user listed in (i) above and the type of information required for each such decision. I 2. Distinguish between the Annual Report and the Financial Statements by providing details of the types of reports covered for each. 3. The Conceptual Framework for Financial Reporting provides guidelines for the preparation of financial statements for the use of external users. a) Explain the importance of the Conceptual Framework for Financial Reporting. b) Describe the basic qualitative features and qualitative features that can enhance the usefulness of information as stated in the Conceptual Framework for Financial Reporting. c) Describe the practices implemented to implement the following features in financial reporting: (1) Comprehensibility (ii) Comparability (iii) Validity Disclai