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FAC3702 EXAM/ FULL COMPLETE DOCUMENT

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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...

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  • October 14, 2024
  • 1
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • FAC3702 EX
  • FAC3702 EX
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gideonngari
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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