Accountant

A An increase in stock due to purchases B A reduction in the selling price only C A payment to a supplier D A shortage caused by loss, theft, damage, or recording differences

A To increase inventory to expected selling price above cost B To reduce inventory carrying amount when required, such as when net realizable value falls below cost C To recognize customer receipts D To record owner drawings

A A schedule of employee salaries B A list prepared only after liquidation C A record updated to track inventory quantities and values as transactions occur D A list of bank loans

A Comparing three bank accounts B Comparing three annual budgets C Matching sales with tax returns only D Comparing the purchase order, goods receipt, and supplier invoice before payment

A Analyzing fixed assets by useful life B Calculating customer discounts C Estimating employee turnover D Analyzing amounts owed to suppliers by how long they have been outstanding

A To summarize transactions and the balance owed over a period B To calculate employee wages C To disclose confidential payroll details D To replace the customer's invoice records legally in every case

A A cash sale made on credit B A deposit that has not cleared C A bank account balance where withdrawals exceed available funds under an overdraft arrangement D A long-term investment in shares

A To avoid preparing budgets B To replace statutory financial statements in all cases C To provide timely information for management planning, control, and decisions D To provide information only to external shareholders

A Issuing an external audit opinion B Providing financial and non-financial information to support internal planning and decisions C Preparing only published financial statements D Collecting tax on behalf of government only

A There is no difference in purpose B Management accounting is always audited externally C Financial accounting focuses on general-purpose external reporting; management accounting supports internal decisions D Financial accounting never uses monetary values