Question 1

The main function of budgeting is to:

Accepted Answer

A)  prepare periodic reports that comply with taxation regulations. 
B)  provide management with a projection of the activities necessary to reach their established goals. 
C)  provide an independent examination of the entity's financial statements. 
D)  conduct ongoing reviews to ensure that established procedures and policies are being followed. 
A)  prepare periodic reports that comply with taxation regulations. 
B)  provide management with a projection of the activities necessary to reach their established goals. 
C)  provide an independent examination of the entity's financial statements. 
D)  conduct ongoing reviews to ensure that established procedures and policies are being followed.

Question 2

For Fashions R Us Ltd how many of the following are internal decision makers: bank manager, supplier, human resource manager, managing director?

Accepted Answer

A)  1 
B)  2 
C)  3 
D)  4 
A)  1 
B)  2 
C)  3 
D)  4

Question 3

The term 'special purpose financial statements' refers to the fact that the information in the reports is:

Accepted Answer

A)  available only to external users who require specialised information. 
B)  useful for special purposes but not in making specific decisions. 
C)  prepared for users who have specialised needs and have the authority to obtain the required information. 
D)  prepared to provide general information for use by internal users only. 
A)  available only to external users who require specialised information. 
B)  useful for special purposes but not in making specific decisions. 
C)  prepared for users who have specialised needs and have the authority to obtain the required information. 
D)  prepared to provide general information for use by internal users only.

Question 4

An example of a question raised by an external decision maker is:

Accepted Answer

A)  What products should be produced? 
B)  What will be the effect of increasing the selling price? 
C)  Is the business financially sound? 
D)  Is it better to purchase or lease an asset? 
A)  What products should be produced? 
B)  What will be the effect of increasing the selling price? 
C)  Is the business financially sound? 
D)  Is it better to purchase or lease an asset?

The main function of budgeting is to:

For Fashions R Us Ltd how many of the following are internal decision makers: bank manager, supplier, human resource manager, managing director?

The term 'special purpose financial statements' refers to the fact that the information in the reports is:

An example of a question raised by an external decision maker is:

Financial Statements for Decision Making

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle Closing and Reversing Entries

Accounting for Retailing

Accounting for Systems

Partnerships: Formation, Operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Cash Management and Control

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation, Disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Accounting for Manufacturing

Cost Accounting Systems

Cost-Volume-Profit Analysis for Decision Making

Budgeting for Planning and Control

Performance Evaluation for Managers

Differential Analysis, Profitability Analysis and Capital Budgeting

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Exam 1: Decision Making and the Role of Accounting

The main function of budgeting is to:

For Fashions R Us Ltd how many of the following are internal decision makers: bank manager, supplier, human resource manager, managing director?

The term 'special purpose financial statements' refers to the fact that the information in the reports is:

An example of a question raised by an external decision maker is:

Financial Statements for Decision Making

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle Closing and Reversing Entries

Accounting for Retailing

Accounting for Systems

Partnerships: Formation, Operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Cash Management and Control

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation, Disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Accounting for Manufacturing

Cost Accounting Systems

Cost-Volume-Profit Analysis for Decision Making

Budgeting for Planning and Control

Performance Evaluation for Managers

Differential Analysis, Profitability Analysis and Capital Budgeting

Filters