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Lower 6 Accounting Revision Ex1

The document outlines an accounting revision exercise consisting of questions on the processes defining accounting, users of accounting information, branches of accounting, business ethics, and the importance of business ethics. It also includes a scenario requiring explanations of key accounting concepts and their applications in financial statements. The total marks for the exercise are 30.

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14 views1 page

Lower 6 Accounting Revision Ex1

The document outlines an accounting revision exercise consisting of questions on the processes defining accounting, users of accounting information, branches of accounting, business ethics, and the importance of business ethics. It also includes a scenario requiring explanations of key accounting concepts and their applications in financial statements. The total marks for the exercise are 30.

Uploaded by

Jay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Lower 6 Accounting Revision Ex1

1. Give the three processes that define Accounting. [3]


2. Give any three users of accounting information and their information needs. [6]
3. What are the four branches of Accounting.[4]
4. List any five business ethics. [5]
5. Outline importance of business ethics. [3]
6. The manager of ABC limited attended a business seminar during the year ending
31December 2018. The seminar focussed on accounting concepts, among these
concepts are going concern, consistency, historical cost, matching and money
measurement. The manager did not understand the meaning and applications of these
accounting concepts but however wanted to advise his bookkeepers to use them when
preparing financial statements.

You are required to explain the meaning of the mentioned accounting concepts and
give an example of their applications in each case when preparing financial statement.
[10]

End 30Marks

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