Accounting AQA A LEVEL - ACCN1 Unit 1 -
Introduction to Financial Accounting Exam
Questions With Correct Answers
What /are /the /reasons /for /keeping /accounting /records? /- /verified /answers-✔✔- /To /quantify
/items /such /as /sales, /expenses /and /profit.
- /To /present /accounts /in /a /meaningful /way.
- /To /measure /success /in /the /business
- /To /provide /information /to /owner /of /the /business /and /to /stakeholders.
Source /Documents /- /verified /answers-✔✔
What /is /an /Invoice? /- /verified /answers-✔✔A /request /for /payment
What /is /a /Till /Roll? /- /verified /answers-✔✔Evidence /of /Cash /Sales
What /is /a /Paying /In /Slip? /- /verified /answers-✔✔Paying /Cash /into /the /Bank
What /is /a /Receipt? /- /verified /answers-✔✔Paying /a /business /expense /with /cash
What /is /a /Credit /Note? /- /verified /answers-✔✔A /Refund /Source /Document
What /is /a /Cheque /counterfoil? /- /verified /answers-✔✔Paying /an /expense /via /cheque
, What /is /a /Bank /Statement? /- /verified /answers-✔✔Paid /Business /Expense /such /as /Rent /via
/Direct /Debit /or /Standing /Order.
Give /an /example /of /an /internal /stakeholder /and /their /interest /in /the /business. /- /verified
answers-✔✔Owner /of /the /Business:
/
- /Check /for /liquidity /or /profitability /of /the /business.
- /Is /there /enough /money /to /withdraw /cash
Employees:
- /Want /to /know /likelihood /of /being /paid.
- /Job /Security.
Give /an /example /of /an /External /Stakeholder /and /their /interest /in /the /business. /- /verified
answers-✔✔Trade /Receivables/Customers:
/
- /Want /to /know /liquidity /and /profitability.
- /Want /to /know /if /they /will /receive /their /order.
Trade /Payables:
- /Want /to /know /profitability /and /liquidity.
- /Will /it /continue /to /provide /suppliers.
The /Bank:
- /Want /to /know /liquidity /and /profitability. /
- /See /financial /statements /to /support /loan /applications.
The /Government:
- /Need /to /verify /records /for /Taxation /Purposes
Introduction to Financial Accounting Exam
Questions With Correct Answers
What /are /the /reasons /for /keeping /accounting /records? /- /verified /answers-✔✔- /To /quantify
/items /such /as /sales, /expenses /and /profit.
- /To /present /accounts /in /a /meaningful /way.
- /To /measure /success /in /the /business
- /To /provide /information /to /owner /of /the /business /and /to /stakeholders.
Source /Documents /- /verified /answers-✔✔
What /is /an /Invoice? /- /verified /answers-✔✔A /request /for /payment
What /is /a /Till /Roll? /- /verified /answers-✔✔Evidence /of /Cash /Sales
What /is /a /Paying /In /Slip? /- /verified /answers-✔✔Paying /Cash /into /the /Bank
What /is /a /Receipt? /- /verified /answers-✔✔Paying /a /business /expense /with /cash
What /is /a /Credit /Note? /- /verified /answers-✔✔A /Refund /Source /Document
What /is /a /Cheque /counterfoil? /- /verified /answers-✔✔Paying /an /expense /via /cheque
, What /is /a /Bank /Statement? /- /verified /answers-✔✔Paid /Business /Expense /such /as /Rent /via
/Direct /Debit /or /Standing /Order.
Give /an /example /of /an /internal /stakeholder /and /their /interest /in /the /business. /- /verified
answers-✔✔Owner /of /the /Business:
/
- /Check /for /liquidity /or /profitability /of /the /business.
- /Is /there /enough /money /to /withdraw /cash
Employees:
- /Want /to /know /likelihood /of /being /paid.
- /Job /Security.
Give /an /example /of /an /External /Stakeholder /and /their /interest /in /the /business. /- /verified
answers-✔✔Trade /Receivables/Customers:
/
- /Want /to /know /liquidity /and /profitability.
- /Want /to /know /if /they /will /receive /their /order.
Trade /Payables:
- /Want /to /know /profitability /and /liquidity.
- /Will /it /continue /to /provide /suppliers.
The /Bank:
- /Want /to /know /liquidity /and /profitability. /
- /See /financial /statements /to /support /loan /applications.
The /Government:
- /Need /to /verify /records /for /Taxation /Purposes
