Exam 1: Introduction to Accounting

Which of these is a reason why achieving the maximum possible profit in a particular year may not be in the best interests of a business?

Management accounting reports tend to contain:

Which accounting report is specifically designed to answer the question,'What profit was earned in a particular period?'

The primary goal of management accounting is to:

The principle whereby each partner is responsible for the business actions of all other partners when the actions are carried out in the normal course of business,is known as:

Paul commenced business with $100 cash.He purchased goods for $50 that were later sold for $150.The statement of financial position,after the sale,would show a total business wealth of:

Which of these is an accounting entity?

Which statement is incorrect?

The most complete description of the planning process for a business is:

The accounting reports concerned with measuring flows over a period of time are:

Financial accounting reports concentrate on:

Management accounting reports are principally used by managers to:

Set out the main purpose of each of the three main financial reports - the statement of comprehensive income,the statement of financial position and the statement of cash flows - and briefly explain how each achieves its purpose.

How many of these are differences between management and financial accounting? • Nature of reports produced. • Frequency of reports. • Level of detail in the reports. • Degree of regulation.

Which statement is correct?

Which of the following is not an aspect of accounting and finance potential managers need to understand?

Advantages of operating as a sole proprietor are:

Another name for the balance sheet is:

Control is best defined as:

The set of financial reports made available for external publication by an entity is typically produced: