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3 You are a trainee accountant and your training manager has asked you to prepare...

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Accounting

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3 You are a trainee accountant and your training manager has asked you to prepare the answers to the following questions for discussion at the next training group meeting: (a) Explain how you think the global pandemic Covid-19 may have affected the preparation and presentation of financial statements of businesses. Provide examples of the impact on specific business sectors. (10 marks) (b) Provide three examples where accountants exercise their professional judgment. Explain why the use of professional judgement is necessary and how it impacts on the usefulness of financial statements (9 marks) (c) Explain the purpose of accounting for depreciation and the rationale behind the need to depreciate non-current assets. (6 marks) Total: 25 maris END OF PAPER Page 5 of

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