What do you mean by Financial Accounting? Explain its one main function.

3

(a)

What is 'Cost Accounting'?

3

(a)

Who are the external users of information?

3

(a)

What is the importance of financial statements for various parties?

3

(a)

Who are the users of accounting information? Why do they need accounting information?

3

(a)

What information do the owners need?

3

(a)

What are the main classes of liabilities?

3

(a)

Explain the following:
(i) Bills Receivable,
(ii) Bills Payable,
(ill) Income.

3

(a)

What is stock or inventory?

3

(a)

What is capital?

3

(a)

Define Accounting.

3

(a)

State the end product of financial accounting.

3

(a)

Enumerate main objectives of accounting.

3

(a)

Who are the users of accounting information.

3

(a)

State the nature of accounting information required by long-term Lenders

3

(a)