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Question 1pts
Which one of the following users of accounting information is considered to be an
external user of accounting information rather than an internal user of accounting
information?
Officers and directors
Internal auditors
Company managers
Correct!
Company customers
Question 2
pts
Which one of the following is an external user of accounting information?
Sales staff
Finance officers
Correct!
Suppliers
Internal auditors
Question 3
pts
Which of the following activities is not an accounting function?
,Auditing
Costing
Taxation
Correct!
Management consultancy
Question 4
pts
Which one of the following is an internal user of accounting information?
Consumer groups
Government
Correct!
Managers
Lenders
Question 5
pts
Accounting is best described as:
Correct!
The collection and use of financial and non-financial data
, The use of financial data
The collection of financial data
The collection and use of financial data
There have been many attempts to define accounting. Moreover, its boundaries
have evolved and greatly expanded over time. There are two main specialisms:
financial accounting, which is concerned with the supply of information to the owners
of an entity; and management accounting, which is concerned with the supply of
information to the managers of an entity. Accounting tends to be used as a generic
term covering almost anything to do with the collection and use of financial data but
also of non-financial data.
Question 6
pts
Heating and lighting consumed in Period 1 and paid for in Period 2.
Which accounting concept the accountant would most probably adopt in
dealing with the above problem?
Correct!
Matching
Money Measurement
Periodicity
Realization
Question 7
pts
The realisation concept states that revenue should only be recognised when it has
been realised.
A manufacturing business which sells goods on credit would normally
recognise revenue when:
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