Bman10621 - Study guides, Class notes & Summaries
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BMAN10621B - Fundamentals of Financial Reporting Exam with Questions Solved 100% Correct (Verified Answers)
- Exam (elaborations) • 8 pages • 2024
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What are some of the main reasons for accounting? - Record flow of money, help make decisions, 
provide basis for taxation, planning future activities & informing shareholders/agents 
What are key differences in management vs. financial accounting? - Nature of reports produced, 
level of detail, regulations, reporting interval, range and quality of information 
What are the 3 key qualities of accounting? - Relevance: 
Predictive value 
Confirmatory value
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BMAN10621B - Fundamentals of Financial Reporting Exam with Questions Solved 100% Correct (Verified Answers)
- Exam (elaborations) • 9 pages • 2024
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What are expenses? - Costs incurred in the process of generating revenue 
What is the difference between capital and revenue expenditure? - Capital expenditure provides 
benefits for more than one year, while revenue expenditure is for current year only 
What is the purpose of the Income Statement? - Measures financial performance (wealth) of 
a company over an accounting period
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Fundamentals of Finacial Reporting BMAN10621 Revision
- Exam (elaborations) • 15 pages • 2016
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Fundamentals of Finacial Reporting BMAN10621
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