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Fundamentals of Financial Accounting

Last Update Nov 28, 2023
Total Questions : 393

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Fundamentals of Financial Accounting Questions and Answers

Questions 1

Accounting records should be kept by all businesses for many reasons.

Which THREE of the following are reasons for keeping accounting records?



Aids the efficient running of a business


Indicates how successfully managers are performing


To aid the application of bank loans


To reassure employees


Provides information about the resources and activities of a business


In case of potential takeovers

Questions 2

Refer to the exhibit.

The following information is available for a company:

The company has declared an ordinary dividend of $0.05 per share.

What is the total dividend payment to be made by the company?










Questions 3

Published accounts must include the following statements:



Income statement, statement of financial position and statement of cash flows


Manufacturing account, income statement, statement of financial position and statement of cash flows


Income statement and statement of financial position


Trading account, income statement and statement of financial position