Exam 1: Introduction to Business Accounting and the Role of Professional Skills

What role does cost analysis play in management activities?

A ____________________ is a business organisation that has a separate legal identity from its owners.

The business' obligations to its creditors are:

Information explosion, evolving forms of businesses, more complex business activities, increased regulations, globalisation and technological advances are all factors affecting the ______________of the business environment.

Describe the operating function of management.

Which of the following would a manager do as a part of planning activities?

Sources of capital for a business include owner investments, and borrowing or seeking investments from outsiders.

What is the role of budgeting?

Which of the following is an example of a manufacturer?

An external user of accounting information would receive 'tailor-made' information from the accounting system.

The __________ ___________ is the process used to identify, measure, record and retain information about a business' activities so that the business can prepare its financial statements.

What are the two primary sources of capital available to an entrepreneur? How do these sources of capital differ?

Which of the following is an example of a service business?

Describe the evaluating function of management.

Briefly outline the three management activities that contribute to the operations of a business?

The business' economic resources are:

The term 'private enterprise' means that businesses keep their accounting information private.

What is private enterprise?

What is the purpose of a code of ethics?

__________ ___________ is a system in which individuals own businesses that produce and sell services and/or goods for a profit.