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FAC1502: FINANCIAL ACCOUNTING CONCEPTS; PROCEDURES AND CONCEPTS

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2023/2024 Written for academic year
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1. ACCOUNTING ANSWER-Planning; Recording; Analyzing; Interpreting financial information. 2. PLANNING DECISIONS ANSWER Financial information is used to determine future actions. Historical information provided by the accounting process serves as a basis for forecasting. 3. CONTROL ANSWER-Using financial information to evaluate the results of financial activities. 4. THE FUNCTION OF ACCOUNTING ANSWER The value added to the net worth of a person/entity during a particular period. The accumulated net worth of that person/entity 5. PROFIT ENTITIES ANSWER-Sole traders; Partnerships; Close Corporations; Companies

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