1. intro

Question 1

two aspects of ‘accounting’

Answer 1

1. conventional accounting techniques
2. accounting as a social subjects

Question 2

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Answer 2

the business acting is a separate from its owners entity
- business entity is an independent legal entity
- in order to assess the financial performance of a business effectively the transactions of a business needs to be completely separate from those of the owner

Question 3

financial accounting

Answer 3

records, summarises and reports on the financial transactions of a business

Question 4

2.give examples (10)

Answer 4

1. groups with which business entity interacts
2. • owners/shareholders
   • supplliers
   • the state
   • future generations
   • the community
   • the natural environment
   • employees
   • competitors
   • customers
   • financial funders