Which of the following is false?
Which of the following is an example of a manufacturer?
What is the primary difference between a manufacturer and a merchandiser?
Which type of business organisation generates the greatest volume of business?
Managerial accounting information:
Financial accounting information:
Which of the following would a manager do as a part of planning activities?
Operating activities consist of:
Evaluating activities consist of:
Statements on management accounting:
A budget:
Which of the following summarises the results of a business’ operating activities for a specific time period?
Which of the following summarises a business’ financial position on a given date?
The business’ economic resources are:
The business’ obligations to its creditors are:
Which of the following do not cover a period of time?
A lack of solvency is demonstrated when:
Financial position of a business can best be evaluated with which of the following?
Which of the following summarises a business’ receipts and payments?
Accounting is an information tool which can help make good business decisions.
Unless you are a business owner, you will not be making business decisions.
Many businesses have no need for accounting information and can actually exist without an accounting system.
Accounting keeps track of a business’ economic resources and activities, then reports the results and financial position to users who have an interest.
The term ‘Private Enterprise’ means that businesses keep their accounting information private.
A dental surgery is an example of a service business.
Woolworths is an example of a retailing business.
Sources of capital for a business include owner investments, borrowing or seeking investments from outsiders.
Sole proprietorships are the most common form of business and as such, conduct more volume of business than partnerships and corporations put together.
A business’ accounting system would provide information for both external and internal users.
An internal user would receive “tailor-made” information from the accounting system.
An external user would receive “tailor-made” information from the accounting system.
External users possess skills to extract the information they need for decisions from the accounting information of a business.
Feedback from operations can be effectively used in the planning, operating or evaluating stages of a business.
Operating refers to the set of activities that the business engages in to conduct its business according to its plan.
Evaluating is the process of establishing the business’ goals and objectives.