Question

Short Answers
1. Define accounting.
2
3
5.
State the end product of financial accounting.
Enumerate main objectives of accounting.
Who are the users of accounting information.
State the nature of accounting information required by long-term
6. Who are the external users of information?
7. Enumerate information needs of management.
Give any three examples of revenues.
9. Distinguish between debtors and creditors: profit and gain
10. 'Accounting information should be comparable'. Do you agre
statement. Give two reasons.
8.​

Answer 1

Answer:

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.

End product

The end product of financial accounting are Trading account, Profit and loss account and Balance sheet.

External users are people outside the business entity (organization) who use accounting information. Examples of external users are suppliers, banks, customers, investors, potential investors, and tax authorities.

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