Accounting 101

Question 1

omitted

Answer 1

Leave out or exclude something

Question 2

financial accounting

Answer 2

Financial accountancy is preparation of detailed reports of firms inflows outflows etc witch are sent to shareholders and regulators

Question 3

management accounting

Answer 3

Preparation of financial reports witch help executives make decisions

Question 4

external auditors

Answer 4

People not employed by the firm that investigate the truth of financial sattments and disclosureds

Question 5

internal auditors

Answer 5

People employes by the firm to identify and asses risks and report them to managment

Question 6

internal control

Answer 6

Mechanisms rules and procedureds witch are implemented by a firm to ensure integrity of financial and accounting information

Question 7

internal check

Answer 7

Element of internal control is internal check witch makes sure that everyoned work is checked by someone else to prevent the possibility of fraud

Question 8

bookkeepers

Answer 8

A person who recorord money that is made and spent by a business

Question 9

sole trader

Answer 9

No legal requirement to prepear financial statements but has to file self assessment tax return

Question 10

Partner ship

Answer 10

No legal requirement to produce financial sattments but have to file partnership tax returns dn every partner has to file their own self assessment tax return

Question 11

treasury functions

Answer 11

Responsible for indeitifiying and minimizing tax liabilities evaulaitong methods of obtaining finance and methods of managing working capital