ACCA Financial Accounting - chapter 1: Introduction to financial reporting Complete Exam Questions and Answers
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Course
ACCA
Institution
ACCA
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...
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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