Week 2 Preparation Questions Solutions

Week 2 Preparation Questions Solutions - ACCT 1501 2011S1...

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ACCT 1501 2011S1 Week 2 Preparation Questions Solutions Preparation Questions: Discussion Questions 1.1, 1.2, 1.3, 1.7, 1.12; Problems 1.6, 1.7, 1.16, Case 1A part 1-7 1. The basic purpose of financial accounting is to produce useful information which is used in many and varied ways. People use the information generated by financial accounting to improve their decision-making in allocating scarce resources. 2. Financial performance means generating new resources from day-to-day operations over a period of time. Financial position is the organisation’s set of financial resources and obligations at a point in time. 3. Managerial accounting is a branch of accounting that is oriented towards helping managers and others inside the enterprise. Financial accounting has a more external focus, and is often used by parties external to the enterprise, such as, shareholders, investors, bankers, legislators and employees etc. 7.
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Week 2 Preparation Questions Solutions - ACCT 1501 2011S1...

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