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ACCA Financial Accounting - chapter 1: Introduction to financial reporting Complete Exam Questions and Answers $10.49
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ACCA Financial Accounting - chapter 1: Introduction to financial reporting Complete Exam Questions and Answers
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ACCA Financial Accounting - chapter 1: Introduction to financial reporting Complete Exam Questions and Answers What does the financial account include ? ( 5 main documents ) - ANSWER-Statement of cash flows -Statement of changes in equity -Statement of financial position -Notes -Statement of...

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  • October 28, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acca financial accounting chapter 1 introductio

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  • ACCA
  • ACCA

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©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




ACCA Financial Accounting - chapter 1:

Introduction to financial reporting

Complete Exam Questions and Answers


What does the financial account include ? ( 5 main documents ) - ANSWER✔✔-Statement of cash flows


-Statement of changes in equity


-Statement of financial position


-Notes


-Statement of profit and loss


Which accounting bodies help reduce the differences in the way that companies draw up their financial

statements in different countries ? - ANSWER✔✔The international accounting standards ( IAS standards )

and the International Financial reporting standards


Management accounting is an integral parts of management activity concerned with indentifying

presenting and interpreting information used for ...? - ANSWER✔✔- Formulating strategy


-Planning and controlling activities


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, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




-Decision making


-Optimising the use of resources


What is the most sophisticated groups of investors? - ANSWER✔✔Unit trusts & Pension funds


What is the capital and current account in a partnership ? - ANSWER✔✔The capital account is normally a

fixed amount that will only change upon a partnership joining or leaving the business




The current account includes the share of profit or loss that each partner is entitled to - any personal

drawings made by the partner


What are limited liability companies ? - ANSWER✔✔Separate legal entity between the owners and the

business . This process is called ' incorporation'.




Limited liability companies are managed by a board of directors who are elected by the shareholders .


What are the three main advantages of trading as a partnership ? - ANSWER✔✔-More resources

availablee , including capital ,specialist knowledge skills and ideas.




-Administrative expenses are lower due to more economies of scale

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