File Details:

Questions:

1. Write the basic elements of the financial statements.
2. Discuss the statement that a fund-flow statement is better than an income statement and distinguish between these documents.
3. What are the basic concepts of financial accounting? Explain their importance.
4. Demonstrate the mechanism of accounting equation using imaginary figures to prove that its two sides are always equal.
5. What is Break-even Analysis? Discuss its assumptions and uses.
6. Define and briefly explain Sales Budget, Flexible Budget, Material Budget, and Labour Budget.
7. Define standard costing and discuss its advantages and disadvantages.
8. What are the elements of cost in a manufacturing business? Explain them.
9. Prepare a flexible budget for the production at 80% and 100% activity based on the provided data regarding raw materials, direct labour, direct expenses, factory expenses, and administration expenses.
10. From the given balance sheets of X Ltd., propose a schedule of changes in working capital and a statement of flow of fund.