Section A

Multiple Choice Questions Marks$)$

$(10$

The process of setting goals and making plans to achieve them is known as:

A$.$ Control,

B$.$ Focus of information.

C$.$ Planning.

D$.$ Reporting.

E$.$ A IFRS system

External users of accounting information:

A$.$ Make strategic decisions for a company.

B$.$ Include internal auditors and managers.

C$.$ Are those individuals involved in managing and operating the company.

D$.$ Are not directly involved in operating the company.

E$.$ Make operating decision for the company.

The building blocks of financial statement analysis do not include:

A$.$ Selling prospects.

B$.$ Solvency.

C$.$ Profitability.

D$.$ Market prospects.

E$.$ Liquidity

Financial reporting refers to:

A$.$ The application of analytical tools to general$-$purpose financial statements.

B$.$ The communication of financial information useful for making investment, credit, and other business decisions.

C$.$ Ratio analysis only.

D$.$ General$-$purpose financial statements only.

E$.$ Profitability.

Period costs for a manufacturing company flow directly to:

A$.$ Cost of goods sold on the income statement.

B$.$ The balance sheet as inventory.

C$.$ Factory overhead.

D$.$ The income statement as an expense.

E$.$ The current schedule of cost of goods manufactured.

$2$