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5 Cards in this Set
- Front
- Back
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Users of financial statements (6) |
Employees and trade unions Manager and senior personnel Creditors Partners/Owners SARS Potential buyers and investors Banks and lending institutions |
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Desirable characteristics of financial statements |
Compatibility Understandability Reliability Fairness Timeliness |
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Major differences in FS between sole proprietor and partnerships |
Profit/loss is shared/appropriated between partners Owners equity comprises of capital accounts and current accounts |
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Format of income statement mnemonic |
GIO GOOI PIN |
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Three types of activities in a business and e.g.s |
Operating activities (buying/selling) Financing activities (capital contributions, repaying loans/interest) Investing activities (fixed deposit, transferring funds from savings account, buying land) |
