Financial Accounting Revision Kit Hard Copy (Printed and Bound)

TOPIC 1

 

INTRODUCTION TO ACCOUNTING

 QUESTION 1

December 2024 Question One C

Summarise FOUR objectives of preparing financial statements of an organisation.      (4 marks)

 

QUESTION 2

August 2023 Question Five A

Explain the nature of the accounting equation.    (4 marks)

 

QUESTION 3

December 2022 Question Five D

Analyse FOUR objectives of financial statements.        (8 marks)

 

QUESTION 4

August 2022 Question Five A

Outline the information required by each of the following users of accounting information:

(i) Owners.           (2 marks)

(ii) Customers.          (2 marks)

(iii) Suppliers.         (2 marks)

(iv) Lenders.              (2 marks)

(v) Management.           (2 marks)

 

QUESTION 5

April 2022 Question One A

Highlight five elements of financial statements.       (5 marks)

 

QUESTION 6

December 2021 Pilot Paper Question One B

Accountants prepare and maintain financial records for firms and other institutions and extract financial statements as guided by various International Accounting Standards and other statutory regulations.

 Required:

Identify and explain any six users of financial information, indicating clearly the area of interest for each.      (12 marks)

 

QUESTION 7

November 2018 Question One A

In the context of the International Accounting Standards Board’s Conceptual Framework for Financial Reporting, explain the five elements of financial statements.       (10 marks)