Processes

Question 1

Planning and implementing

Answer 1

1. determining financial needs
2. Develop budget
3. Maintaining record systems
4. identify financial risks
5. Establishing financial controls

Question 2

Monitoring and controlling

Answer 2

1. cash flow statements
2. income statement
3. balance sheets

Question 3

Limitations of financial reports

Answer 3

1. normalised earlnings
2. capitalising expenses
3. valuing assets
4. timing issues
5. notes to financial statements

Question 4

Ethical issues related to financial reports

Question 5

Comparative ratio analysis

Answer 5

over different periods of time
against standards
industry averages