Podcast
Questions and Answers
Which method of depreciation allocates a fixed amount of expense to each accounting period?
Which method of depreciation allocates a fixed amount of expense to each accounting period?
What is the primary purpose of preparing a Fund Flow Statement?
What is the primary purpose of preparing a Fund Flow Statement?
Which of the following is NOT considered a type of budget?
Which of the following is NOT considered a type of budget?
What key factor is analyzed in marginal costing to make business decisions?
What key factor is analyzed in marginal costing to make business decisions?
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How does a Cash Flow Statement differ from a Fund Flow Statement?
How does a Cash Flow Statement differ from a Fund Flow Statement?
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Study Notes
Financial Accounting
- Focuses on definitions, principles, concepts, conventions, and trial balance
- Includes final accounts, depreciation methods (straight-line, written-down value, sinking fund), and financial statement analysis
- Analyzes financial statement information, objectives, techniques (e.g., comparative statements, common-size statements, trend percentage, accounting ratios), and balance sheet construction using ratios (e.g., Dupont analysis)
- Covers fund flow statements (statement of changes in working capital, computation of fund from operations, workings for computation of various sources and uses, and preparation of fund flow statement) and cash flow statements.
- Includes problems related to distinguishing between funds flow and cash flow statements
- Examines the computation of cash from operations
Cost Accounting
- Explains cost accounting's meaning and distinguishes it from financial accounting
- Outlines cost terminology (e.g., cost, cost centre, cost unit) and covers elements of cost, budgeting, and budgeting controls
- Describes different types of budgets (flexible, fixed, master, and cash budgets)
- Discusses issues related to zero-base budgeting
- Outlines marginal costing definitions and distinctions between marginal costing and absorption costing
- Covers break-even point analysis, contribution, profit-volume ratio (p/v ratio), margin of safety, and decision-making under marginal costing (e.g., key factor analysis, make or buy decisions, export decisions, sales mix decisions)
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Description
Test your understanding of financial and cost accounting principles. This quiz covers definitions, concepts, financial statement analysis, and various accounting methods, including fund flow and cash flow statements. Distinguish between financial and cost accounting to solidify your grasp on these essential topics.
