1. Management accounting reports are often prepared for a specific purpose whereas financial accounting reports usually serve a general purpose.

QUESTION 17 Which of the following activities is not cash flow from operating activities? Paying for inventories Refunds given for retained products Paying wages Purchase of non-current assets QUESTION 19 According to the UK Corporate Governance Code every listed company should have A Board of Directors ..... Cash An official car a) A building as a non-current asset QUESTION 20 Which of the following will be classed as non-current assets for a dealer in computer equipment? Computers purchased for resale. Motor vans for delivery of customers' orders. Business capital. Bank loan. QUESTION 21 Consider the following two statements concerning the differences between financial and management accounting: 1. Management accounting reports are often prepared for a specific purpose whereas financial accounting reports usually s 2. Management accounting reports place less emphasis on objective, verifiable evidence than financial accounting reports. Which one of the following combinations (true/false) relating to the above statements is correct? (Statement 1): True (Statement 1): True (Statement 2): True (Statement 2): False (Statement 2): True (Statement 2): False (Statement 1): False O(Statement 1): False QUESTION 18 Which of the following is not an example of the three major financial statements: Income Statement Statement of Financial Position Cash and bank account Statement of Cash Flows