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1. Which of the following is the primary purpose of needs assessment? A. To define business requirements B. To identify the root cause of a business problem C. To create functional specifications D. To define acceptance criteria B Needs assessment focuses on understanding the underlying business problem or opportunity before defining detailed requirements. 2. Which document formally authorizes a business analysis effort? A. Business case B. Requirements management plan C....

This document provides an extensive and fully structured preparation resource for the AQA A Level Business Paper 1 (7132) for the 2026 examination series. It includes 75 high-quality questions covering all themes, complete with answers, examiner-style commentary, and strategic insight. The material spans MCQs, quantitative skills, short-answer analysis, and full 25-mark essay plans aligned with AQA mark scheme expectations. Additionally, the document incorporates macroeconomic context for 2026,...

Ace your business management exam with this ultimate set of digital flashcards! This comprehensive study guide, covers a wide range of essential topics in a clear, easy-to-memorize Q&A format.

Asset/Liability Approach correct answer Recording transactions based on revenue recognition criteria involves an income statement approach -FASB now uses this approach Define accounting standard setters correct answer Accounting standard setters develop and promulgate accounting concepts, rules, and guidelines that provide information that is relevant and faithfully represents the economic performance and the financial position of the reporting entity (example: FASB and IASB) Define Acco...

Accounting principles are "generally accepted" only when: I. an authoritative accounting rule-making body has established it in an official pronouncement. II. a given practice has been accepted as appropriate because of its universal application. -I only. -II only. -I or II. -Neither I nor II. correct answer I or II All of the following are true regarding IFRS except: -IFRS includes standards referred to as International Auditing Standards (IAS). -The adoption of IFRS by U.S...

4 Basic Principles of Accounting correct answer Measurement Revenue Recognition Expense Recognition Full Disclosure Account correct answer Systematic arrangement that shows the effect of transactions and other events on a specific element Accounting Information System correct answer Collects and processes transaction data and then disseminates the financial information to interested parties. Accounting Principle Board correct answer 1) Advance the written expression of accounting pr...

account correct answer a systematic arrangement that shows the effect of transactions ad other events on a specific element. accounting cycle correct answer the process by which a company uses to record transactions and prepare financial statements accounting information system correct answer collects and processes transaction data and then disseminates the financial information to interested parties. Accounting Principles board (apb) correct answer created in 1959 by the aicpa, its pur...

A change in the method of inventory pricing from FIFO to LIFO would be accounted for as a (an): correct answer Change in accounting principle. A trial balance: correct answer Proves that debits and credits are equal in the ledger. Accounting principles are "generally accepted" only when: correct answer Authoritative accounting rule-making body has established it in an official pronouncement or over time it has been accepted as appropriate because of its universal application. Adju...

Asset correct answer An item owned by a company representing probable future benefits Assets, Liabilities and Equity correct answer The financial position of a company Comparability correct answer Important for making interfere comparisons Comprehensive Income correct answer The change in equity from non-owner transactions Confirmatory Value correct answer Information confirms expectations Conservatisim correct answer Not a qualitative characteristic, but a practical justification...

Asset/Liability Approach correct answer Recording transactions based on revenue recognition criteria involves an income statement approach -FASB now uses this approach Define accounting standard setters correct answer Accounting standard setters develop and promulgate accounting concepts, rules, and guidelines that provide information that is relevant and faithfully represents the economic performance and the financial position of the reporting entity (example: FASB and IASB) Define Acco...