Order of accrual accounting process

Order of accrual accounting process

o all users of financial accounting have the same information needs? Why or why not?
8 List some similarities and differences between the need for financial information for shareholders and
bankers.
9 List five situations in which judgement is required by the preparers of financial information.
10 What does an audit achieve?
11 Describe what is meant by accrual accounting. How does it differ from cash accounting?
12 Who uses accrual accounting?
13 Consider the following accounts: accounts payable, accounts receivable, cash and inventory. Which of these
terms would you see in financial statements prepared under (a) accrual accounting and (b) cash accounting?
14 What are the three key financial statements, and what relevant information do they provide to users of
accounting reports?
15 Explain, in simple terms, each of the following financial accounting terms:
a accounting entity
b accounting period
c monetary
d historical cost
e going concern
f materiality.
16 What are the fundamental qualitative characteristics of useful financial information and what are the
enhancing characteristics?
17 Provide an example of trade-offs among accounting principles.
18 The Framework states that understandability is an enhancing qualitative characteristic. Is this consistent with
the huge complexity in financial statements?

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