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Exam (elaborations)

AAT Level 4 Audit and Assurance Chapter 1 Exam Questions And Answers |Latest 2025 | Guaranteed Pass.

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©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 11:08AM. A+ 1 AAT Level 4 Audit and Assurance Chapter 1 Exam Questions And Answers |Latest 2025 | Guaranteed Pass. Who are the users of financial statements ? - AnswerStakeholders - Shareholders, Directors, Employees, Customers, Suppliers, Government, Lenders/Bank Shareholders uses for financial statements ? - AnswerFor investment and dividends Directors uses for financial statements ? - AnswerBusiness performance, pay/bonuses Employees uses for financial statements ? - AnswerJob security and pay Customers uses for financial statements ? - AnswerFuture purchases, longevity of the business EG received a 5 year warranty Suppliers uses for financial statements ? - AnswerWill they get paid ?, complete credit checks etc Government uses for financial statements ? - AnswerHMRC Taxes, economics viewpoint industry performance Lenders/Bank uses for financial statements ? - AnswerShould they lend is the business capable of reporting (1) What are the 2 responsibilities of being a company ? - AnswerUnder the companies Act 2006 (2) What are the 2 responsibilities of being a company ? - Answer- Keep adequate accounting records (3) What are the 2 responsibilities of being a company ? - Answer-To provide financial statements (1) Records should contain - Answer

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Uploaded on
February 17, 2025
Number of pages
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Written in
2024/2025
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©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 11:08AM. A+




AAT Level 4 Audit and Assurance Chapter 1
Exam Questions And Answers |Latest 2025 |
Guaranteed Pass.




Who are the users of financial statements ? - Answer✔Stakeholders - Shareholders, Directors,
Employees, Customers, Suppliers, Government, Lenders/Bank

Shareholders uses for financial statements ? - Answer✔For investment and dividends

Directors uses for financial statements ? - Answer✔Business performance, pay/bonuses

Employees uses for financial statements ? - Answer✔Job security and pay

Customers uses for financial statements ? - Answer✔Future purchases, longevity of the
business EG received a 5 year warranty

Suppliers uses for financial statements ? - Answer✔Will they get paid ?, complete credit checks
etc

Government uses for financial statements ? - Answer✔HMRC Taxes, economics viewpoint
industry performance

Lenders/Bank uses for financial statements ? - Answer✔Should they lend is the business
capable of reporting

(1) What are the 2 responsibilities of being a company ? - Answer✔Under the companies Act
2006

(2) What are the 2 responsibilities of being a company ? - Answer✔- Keep adequate accounting
records

(3) What are the 2 responsibilities of being a company ? - Answer✔-To provide financial
statements

(1) Records should contain - Answer✔- Money received and spent by the company and what it
relates to

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