FAC3702 EXAM/ FULL COMPLETE DOCUMENT
Financial Accounting - CORRECT ANSWERS -- process in recording all transactions
which are caused by an event
- start by analyzing an event
- record event in the 'original book of entry' aka journal
- post all credits/debits into general ledges
- adjust ass...
FAC3702 EXAM/ FULL COMPLETE DOCUMENT
Financial Accounting - CORRECT ANSWERS -- process in recording all transactions
which are caused by an event
- start by analyzing an event
- record event in the 'original book of entry' aka journal
- post all credits/debits into general ledges
- adjust assets in a trial balance to prepare them for the statement
- close all accounts and do a closed trial balance
- we make us of this to satisfy the tax authorities, to show the market how much
profit/loss we made and to show the company how tobehave and act in the future
- it consists of a balance sheet and an income statement
2 examplea foe increasing cash receipts - CORRECT ANSWERS -- selling goods (a
company sells raw material to a customer)
- selling property or assets (a company sepls a part od their office building or a patent)
The main question in budget planning - CORRECT ANSWERS -Does our company
have enough liquidity to meet its financial ovligations at any time?
Can we be prepared for future happenings?
4 main areas of accounting - CORRECT ANSWERS -Budgeting
Satistics
Cost accounting
Financial accounting
Main questions for financial accounting - CORRECT ANSWERS -Balance sheet: how
rich are we?
Income statement: did we make loose money?
Main question for cost accounting - CORRECT ANSWERS -How much does the
production in our company cost?
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