FAC1502
Financial Accounting Concepts, Principles and
Procedures
Assignment 01 for Semester 01 (compulsory)
Unique Number 604110
Due: 11 March 2020
Disclaimer
Distribution of this document is illegal.
Users may therefore not share, reproduce, duplicate, copy, sell, or resell this document.
I cannot guarantee results for the student. The opinions expressed are in good faith and while every
care has been taken in preparing this document, I make no representations and give no warranties of
whatever nature in respect of this document, including but not limited to the accuracy or
completeness of any information, facts and/or opinions contained therein.
The result of a student is dependent on many factors including a student’s study habits, and
engagement in study groups.
In no event will I be held liable for the use of and reliance of the opinions and findings in this document.
1. There are external and internal users of accounting information. Which of the following will
be considered as an external user of accounting information for Gizmo Traders?
a) Employees, investors and lenders of Gizmo Traders
b) Investors and lenders of Gizmo Traders as well as government and their agencies.
c) Management, employees and customers of Gizmo Traders.
d) The general public, customers of Gizmo Traders and Gizmo Traders suppliers and other trade
creditors.
e) Employees and lenders of Gizmo Traders as well as the general public.
(1) a,b,c and d.
(2) a,b,c and e.
(3) b and d only.
(4) a and c only.
(5) b, c and d.
Answer:
Page 14 of Tutorial letter 103/3/2020:
1.9 The fields of accounting
Users of financial information can be subdivided into the following two categories:
Financial Accounting Concepts, Principles and
Procedures
Assignment 01 for Semester 01 (compulsory)
Unique Number 604110
Due: 11 March 2020
Disclaimer
Distribution of this document is illegal.
Users may therefore not share, reproduce, duplicate, copy, sell, or resell this document.
I cannot guarantee results for the student. The opinions expressed are in good faith and while every
care has been taken in preparing this document, I make no representations and give no warranties of
whatever nature in respect of this document, including but not limited to the accuracy or
completeness of any information, facts and/or opinions contained therein.
The result of a student is dependent on many factors including a student’s study habits, and
engagement in study groups.
In no event will I be held liable for the use of and reliance of the opinions and findings in this document.
1. There are external and internal users of accounting information. Which of the following will
be considered as an external user of accounting information for Gizmo Traders?
a) Employees, investors and lenders of Gizmo Traders
b) Investors and lenders of Gizmo Traders as well as government and their agencies.
c) Management, employees and customers of Gizmo Traders.
d) The general public, customers of Gizmo Traders and Gizmo Traders suppliers and other trade
creditors.
e) Employees and lenders of Gizmo Traders as well as the general public.
(1) a,b,c and d.
(2) a,b,c and e.
(3) b and d only.
(4) a and c only.
(5) b, c and d.
Answer:
Page 14 of Tutorial letter 103/3/2020:
1.9 The fields of accounting
Users of financial information can be subdivided into the following two categories:
