"Accounting"
True or False -
Accounting is a file of gathering
False
page 1 (ch.1): Accounting is a SYSTEM of gathering
True or False -
Managers are internal users
page 2 (ch.1) -
True
True or False -
Sole trader has one owner
page 3 (ch.1) -
True
True or False -
Wholesalers must always sell to the public
page 9 (ch.1) -
False - Wholesalers: In instances, wholesalers may sell to the public
True or False -
Mismanagement is good for auditing
page 11 (ch.1) -
False - "Free from..."
True or False -
Interpreting - preparing an exam of summarised reports to allow users to make informed decisions
False
page 2 (ch.1) - preparing an analysis of summarised reports to allow users to make informed decisions
True or False -
List of potential users is given completed
page 2 (ch.1) -
False - the list is not EXHAUSTIVE (COMPLETE)
True or False -
Partnerships exist only between two people
page 4 (ch.1) -
False - Between two to 20 people carrying on a business to make a profit
Retailers can be seen as organisations that provide products
page 9 (ch.1) -
False - Retailers can be seen as organisations that provide SERVICES.
True or False -
Management accounting prepare information for internal users
page 11 (ch.1) -
True
What is the nature of Accounting?
page 2 (ch.1) -
Means of communication used to convey a message about the finances of a business
List external users
page 2 (ch.1) -
Customers, Competitors, Government, Suppliers and Investment analysts
What do you call the owner of a company?
page 5 (ch.1) -
Shareholders
Name the middleman
page 9 (ch.1) -
Wholesalers
Name the requirements to controller track in financial accounting
page 11 (ch.1) -
Combined knowledge of financial and management accounting
How can users benefit from accounting?
page 2 (ch.1) -
Provide financial and NON-Financial information to assist with decision making
What user determines whether the employer provides stable employment and remuneration?
page 2 (ch.1) -
Employees and their representatives
List two profit companies
page 6 (ch.1) -
Private company and Public company
Service rendered is called:
page 9 (ch.1) -
Service businesses - fee income
What does FASB stand for?
page 11 (ch.1) -
Financial Accounting Standard Board
User essential quality
page 2 (ch.1) -
User should UNDERSTAND the information
List the most important users
page 2 (ch.1) -
Owners, Managers, Employees and representatives and all external users
Who supplies capital to start the business?
page 3 (ch.1) -
The owner
Formula for selling price
page 9 (ch.1) -
Retailers - Cost price + mark- up
Name a field within management accounting
page 11 (ch.1) -
Cost accounting