ACC501 FINAL TERM PAST PAPER BY Gdacy.com

ACC501 final term past paper:

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Topic: Financial Reporting and Analysis

Section A: Multiple Choice Questions

  1. Which of the following is not a principle of accounting?

a. Accruals b. Consistency c. Materiality d. Comprehensiveness

  1. 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

  1. Which of the following is not a financial statement?

a. Balance Sheet b. Statement of Cash Flows c. Income Statement d. Statement of Purpose

  1. 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

  1. Explain the difference between financial accounting and managerial accounting.
  2. What is the purpose of the statement of cash flows? How is it prepared?
  3. Discuss the importance of the accounting equation in financial reporting.
  4. 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

  1. 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.
  2. 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.
  3. The accounting equation forms the foundation of financial reporting. Discuss the significance of this equation and how it is used in financial reporting.
  4. The statement of cash flows is an important financial statement for investors and creditors. Discuss its purpose and the information it provides.

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