A. Financial statements formal records of activities of accounting which is related to the entity and is presented in a structured manner which is easy to understand. Discuss the purpose and the component of each financial statement. (8 marks) B. Explain the users of accounting and why they need the accounting information. (5 marks) C. The history of accounting or accountancy is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia. Discuss the process of accounting and explain how it is different than bookkeeping. (8 marks) D. Based on the following situation, discuss the accounting concept/basis and provide explanation based on the concepts selected. i- Meor Enterprise purchased land at a cost of RM 100,000. The current market value of the land is RM 135,000. The land will be reported in the Statement of Financial Position at the value of RM 100,000. ii- Wai Enterprise recorded the revenue when he transferred the goods to the customers. iii. Kamal provides estimations for the customers that might not be able to pay. (6 marks) 
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