Tutorial for Topics 1 and 2

2. Explain why the function of financial accounting is heavily regulated by the government as well as international bodies.

3. Explain the function of the International Accounting Standards Board (IASB) and International Financial Reporting Standards (IFRS).

4. Why do we need a Conceptual Framework in Accounting? Explain.

5. Differenciate between Positive and Normative Theories using examples.

6. Identify some of the problems related to the usage of “true and fair view” in audit reports today using examples of your own.

7. Describe the following:

8. Agency Theory

9. Creative Accounting

10. Current Cost Accounting

11. Exit Price Accounting

12. Stakeholder Theory

13. Legitimacy Theory <br />