ccording to the Conceptual Framework for Financi al Reporting, components of financial statements include: (1) Statement of Comprehensive Income, Statement o f Financial Position, Statement of cash flows, Statement of Changes in Equity and Notes to the Financial Statements. (2) Assets, Liabilities, Equity, Income and Expens es. (3) Manufacturing Account, Trading Account, Profit and Loss Account, Statement of Financial Position and Statement of Changes in Equity. (4) Non-Current Assets, Current Assets, Non-Curren t Liabilities, Current Liabilities and Equity.

(a) Distinguish between simple and complex money supply. (6 marks)
(b) Given that the minimum reserve requirement ratio of a nation equals 15% and the public desires to hold 25% of their wealth in money form, determine how much will be created by commercial banks system from an initial money deposit of 850 million shillings? Out of these money created, how much of it will be in cheques form? (8 marks)
(c) Explain the neutrality and super-neutrality of money. (6 marks)

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