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BSNS115 FINANCIAL EXAM QUESTIONS AND VERIFIED ANSWERS WITH COMPLETE SOLUTIONS
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BSNS115 FINANCIAL EXAM QUESTIONS AND VERIFIED ANSWERS WITH COMPLETE SOLUTIONS four main financial statements: The statement of cash flows - shows the sources and uses of cash for a period four main financial statements: The statement of comprehensive income - commonly referred to as the income...

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  • November 16, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bsns115 financial exam questions and verified answ

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  • BSNS 115
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BSNS115 FINANCIAL EXAM QUESTIONS AND VERIFIED

ANSWERS WITH COMPLETE SOLUTIONS

four main financial statements: The statement of cash flows

- shows the sources and uses of cash for a period

four main financial statements:

The statement of comprehensive income

- commonly referred to as the income statement, sometimes called the profit and loss

statement; measures and reports how much profit has been generated in a period

four main financial statements:

The statement of changes in equity

sometimes referred to as the statement of changes in owners' equity; shows all changes

in owners' interest in the net assets from transactions during the period

four main financial statements:

The statement of financial position

commonly referred to as the balance sheet; shows the assets of a business and the

claims on those assets

Cost accounting

relates to the determination and accumulation of product, process or service costs

Auditing

- An audit is a review by an independent third party. Public accounting firms and

individual Chartered Accountants (CAs) provide auditing services and issue an

independent auditor's report.

,- The audit report states whether the financial statements are prepared in conformity

with NZ International Accounting Standards (NZ IAS) and the Financial Reporting Act.

An auditor's report can be unqualified or qualified.

Internal auditors

are professional accountants who perform functions much like those of an external

auditor. However, internal auditors are employed in industry rather than public

accounting, and often their functions are more specific and detailed.

Not-for-profit entities

e.g., schools, hospitals, and religious organisations

Governmental units

e.g., local, regional, and national levels

Tax practitioners

- deal with Income Tax laws. They also deal with the I.R.D. They often develop

specialties in the taxation of individuals, partnerships, companies, trusts and estates, or

international tax law issues.

Entity

- "A person, partnership, company or other organisation for which financial statements

are prepared"

- operates within relevant legislation

- level of reporting depends on legislation and the size of the business

- separation of personal/business events and records

Accounting entity concept

, - Accounting entity refers to the fact that the financial affairs of a business are seperate

and distinct form the financial affairs of its owners

- all businesses are seperate accounting entities form their owners

Legal Entity Concept

- legal entity is the term commonly used when a business is seperate for the people

who own, control and manage it.

- company type of business has seperate legal entity

- it has the ability to enter in contracts with external (buy, sell, borrow, lend, pay taxes,

sue, be sued)

- does not dissolve when ownership changes

Types of Business Ownership

- The way in which the accounting records are reported will depend on the type of

ownership

- The basic types of business structure are

- Sole Trader

- Partnership

- Company

Features of Sole Traders

- No seperate legal entity

- limited life

- minimum reporting regulations

- limited access to funds

- low establishment costs

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