The area of Accounting concerned with the preparation and presentation of fina

The area of Accounting concerned with the preparation and presentation of financial statements is referred to as financial accounting which has its origin
in book-keeping.

(a) Briefly distinguish between financial accounting and book-keeping.

(b) Who prepares financial statements and who is responsible for the accounting information contained in the financial statements of an economic entity?

(c) List TWO objectives of financial accounting in order to meet the needs of the various users.

(d) Outline FIVE uses of financial information.

(e) Enumerate THREE problems associated with providing financial information.