ACC501 final term past paper:
Topic: Financial Reporting and Analysis
Section A: Multiple Choice Questions
- Which of the following is not a principle of accounting?
a. Accruals b. Consistency c. Materiality d. Comprehensiveness
- What is the primary purpose of financial reporting?
a. To provide information to stakeholders for decision-making, b. To increase the value of the company’s shares, c. Comply with legal requirements, d. Ensure accurate tax reporting
- Which of the following is not a financial statement?
a. Balance Sheet b. Statement of Cash Flows c. Income Statement d. Statement of Purpose
- Which of the following is not a category of ratios used in financial analysis?
a. Profitability ratios b. Liquidity ratios c. Solvency ratios d. Competitiveness ratios
Section B: Short Answer Questions about ACC501 final term past paper
- Explain the difference between financial accounting and managerial accounting.
- What is the purpose of the statement of cash flows? How is it prepared?
- Discuss the importance of the accounting equation in financial reporting.
- Describe the three categories of ratios used in financial analysis and give an example of each.
Section C: Essay Questions ACC501 final term past paper
- Financial statements provide a picture of a company’s financial health. Discuss the different types of financial statements and their significance in financial reporting and analysis.
- Financial ratios are an important tool for analysing a company’s financial performance. Discuss the different categories of ratios and their use in financial analysis.
- The accounting equation forms the foundation of financial reporting. Discuss the significance of this equation and how it is used in financial reporting.
- The statement of cash flows is an important financial statement for investors and creditors. Discuss its purpose and the information it provides.
ACC501 FINAL TERM PAST PAPER
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