Chapter 12

Question 1

Roles that contribute to accounting function

Answer 1

Finance director 
Chief accountant
Treasurer
Tax manager 
Management accounts

Question 2

3 key accounting and finance functions

Answer 2

Financial accounting function
Management accounting function
Treasury function

Question 3

5 books of prime entry used in financial accounting

Answer 3

The purchases day book 
The sales day book 
The cash book 
The petty cash book 
Journal

Question 4

Ledger accounts that make up financial statements (3)

Answer 4

The statement of profit or loss

The statement of financial position

The statement of cash flows

Question 5

Examples of people that need to know financial position (4)

Answer 5

Owners

Investors

Employees

Government

Question 6

Integrated reporting

Answer 6

Integrated reporting is where an organisation not only reports on the financial performance of position they also reports and other things which may be of interest

Ethics and corporate social responsibility

Sustainable development

Major risks faced by the organisation and steps taken to mitigate these risks

Question 7

Three main management accounting reports

Answer 7

A cost schedule

Budgets

Variance reports

Question 8

Treasury function (5)

Answer 8

Working capital management

Cash management

Financing

Foreign currency

Taxation