(a)[4]
State four reasons why the business ought to comply with International Accounting Standards when financial statements are prepared.
(b)[2]
Explain what stewardship means in relation to the role of the directors.
(c)[8]
Prepare a revised draft statement of financial position at 31 December 2016 after taking the information provided to Julia into account.
(d)[6]
Explain the changes you have made to the statement of financial position in (c).
(e)[5]
Discuss the advantages and disadvantages for Jack of having his accounts audited.