FAC1502 Financial Accounting Principles Concept Papers MCQS with Correct Answers A Grade

FAC1502 - Financial Accounting Principles,
Concept - Papers MCQS with Correct Answers -
A+ Grade

1). Financial accounting

 Ans: Concerns investment and lending decisions.


2). Managerial accounting

 Ans: Focuses on operational decisions and user types.


3). Accounting information system

 Ans: Measures, processes, and communicates financial activities.


4). Decision makers

 Ans: Users of accounting information, including individuals, businesses, creditors,
investors, and regulatory bodies.


5). External reporting

 Ans: Includes general-purpose financial statements like income, equity, balance, and
cash flow.


6). Ethical obligations

 Ans: Professional competence, confidentiality, integrity, and objectivity in financial
disclosure.


7). Gaap

 Ans: Underlying concepts ensuring financial statement usefulness.


8). Gaap framework



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