Topic 1- p1+p2

Question 1

Responsibilities of an accountant

Answer 1

•Prepare financial statements for Bs
•Check if a financial statement made by a B is true and fair (auditing)
•Introduce accounting procedures for new Bs
•Analyse financial info to give advice on financial performance.
•Produce budgets
•Ensure deadlines for statements and tactics returns.

Question 2

Management accounting

Answer 2

Focuses on planning, control and decision making. It is prepared for internal use within a business to provide information for internal stakeholders.

Question 3

Planning (MA)

Answer 3

Like preparation of budgets

Question 4

Control (MA)

Answer 4

Standard costing, variances between standard and actual costs.

Question 5

Decision (MA)

Answer 5

Short term- marginal costing
Long term- capital investment appraisal

Question 6

Accountants

Answer 6

Prepare financial statements

Question 7

Bookkeepers

Answer 7

Record day to day transactions in books of prime entry and in the ledgers

Question 8

Auditors

Answer 8

Appointed by directors to check financial statements that have been made by directors or other employees

Question 9

Financial accounting

Answer 9

Uses historical info to make financial statements