$1\mathrm{.}1$ Accountability refers to the $\_\_\_\_\_\_\_\_\_\_\_\_\_$ of an individual or organisation to provide

an $\_\_\_\_\_\_\_\_\_\_\_\_\_$ to another party.

$1\mathrm{.}2$ The $\_\_\_\_\_\_\_\_\_\_\_\_\_$ Act $2006$ is the main source of legal accountabilities for

incorporated business enterprises.

$1\mathrm{.}3$ Name two of the three main financial statements which a company should report.

$1\mathrm{.}4$ The market accountability mechanism can be separated into two parts: the

$\_\_\_\_\_\_\_\_\_\_\_\_\_$ market and $\_\_\_\_\_\_\_\_\_\_\_\_\_$ market.

$1\mathrm{.}5$ Name two institutions or firms that make up the accountancy profession.

$1\mathrm{.}6$ Profits of a limited liability company are distributed to $\_\_\_\_\_\_\_\_\_\_\_\_\_$ in the form of

$\_\_\_\_\_\_\_\_\_\_\_\_\_.$

$1\mathrm{.}7$ It is the job of the $\_\_\_\_\_\_\_\_\_\_\_\_\_$ to assure and provide an $$opinion$$ as to whether the

accounts provide $$faithful representation$$ of the financial situation.

$1\mathrm{.}8$ Name the two main inputs to a financial accounting system.

$1\mathrm{.}9$ According to the $\_\_\_\_\_\_\_\_\_\_\_\_\_$ concept a business should be treated as separate

from its owners and other related parties.

$1\mathrm{.}10$ List two legal duties of the directors of a limited liability company.

$1\mathrm{.}11$ A traditional partnership does not have a $\_\_\_\_\_\_\_\_\_\_\_\_\_$ and therefore the individual

partners are subject to $\_\_\_\_\_\_\_\_\_\_\_\_\_$ liability.

$1\mathrm{.}12$ According to neo$-$ classical economic and agency theory, the primary objective of a

business is to $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.$

$1\mathrm{.}13$ The FRC is a regulatory body related to the accountancy profession in the United

Kingdom, what does FRC stand for?

$1\mathrm{.}14$ It is increasingly common for an accountancy or law firm to be formally registered as a

$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$