Chap 1 Flashcards
1
Q
Example of a trading business
A
Bookshop
2
Q
Example of a service business
A
Dental clinics
3
Q
features of a sole proprietor
A
- Has absolute control over the business
- Have minimal administrative duties to adhere to
- Business exists as long as the owner is alive and well
4
Q
Examples of stakeholders
A
Customers, Managers, Employees
5
Q
Role of accounting
A
An information system that provides accounting information for stakeholders to make informed decisions regarding the management of resources and performance of the business
6
Q
Role of accountant
A
Accountants set up an accounting information system and become stewards of the business. They have to provide timely, relevant, and credible information for decision-making.
7
Q
Professional ethics
A
Integrity and objectivity
