Exam (elaborations)

BSNS115 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED LATEST UPDATE

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Course
BSNS 115

Institution
BSNS 115

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Uploaded on November 16, 2024
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Type Exam (elaborations)
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bsns115 exam questions and answers with complete s

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BSNS115 EXAM QUESTIONS AND ANSWERS WITH

COMPLETE SOLUTIONS VERIFIED LATEST UPDATE

Internal users

those within an organization who use financial information to make day-to-day decisions

External users

people outside the business entity (organization) who use accounting information.

Management accounting

all about decision making and helps you make an informed decision

Financial Accounting

The preparation of financial statements

Conceptual framework

Cost constraint in financial information

Limitations of financial reports

Time lag, Historical figures, Creative accounting

Assets

anything that has current or future economic value to a business

Liabilities

Something a company owes

Equity

Residual interest in the assets of an entity that remains after deducting its liabilities. In a

business enterprise, the equity is the ownership interest.

, Income

Earnings from work or investment

current assets

assets held for no longer than one accounting period (1 year)

Non-current assets

Items owned by the business for more than one year

Current Liabilities

liabilities due within a short time, usually within a year

Non-current liabilities

not expected to be met within the next accounting period (1 year)

Drawings

withdrawal of goods or cash from the business for the owners personal use.

Dividends

Distributions of earnings to the company

Expenses

The cost of assets consumed or services used in the process of generating revenues.

Cash Accounting

A system in which revenue and expenses are counted as they are actually received.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life.

Accumulated Depreciation

The total depreciation that has been charged to statements of profit or loss

Straight line depreciation method

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