Question: Give illustrations of two internal users and four external user of accounting information.
Illustrate the reason each of such users would need the information.
Question:
a) Give a definition and an illustration for each of the following concepts. Your definition should be drawn from a book. (References should be provided)
• Historical Cost
• Monetary
• Going Concern
• Time Interval
• Business Entity
• Accrual
b) Describe the consequences of non-compliance of each of the accounting concepts.