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  FIN1212 Financial Concepts of business Seminar 11: Introduction to Financial Accounting Question 1 Users of financial statements have various needs. Complete the table below with the most appropriate user for the information provided. Question # Information User (a) Information on whether the business has the ability to pay for the ordered material (b) Information on whether the business will be able to pay for the loan amount and interest when it falls due (c) Will the company pay out dividends this year? (d) Information on whether to advise clients to invest in the company (e) How much is the company liable for corporation tax and when is it due? (f) How much salaries will be paid out to employees this month in the sales department? (g) Information on job security and opportunity for promotion Question 2 After watching the short YouTube video on Managerial accounting v. financial accounting (please refer to the lecture’s last  slide on unihub for the link), write down in your own words the differences between the two branches of accounting. Question 3 After watching the short YouTube video on the purpose of financial statement, (please refer to the lecture’s last slide on unihub for the link), answer in your own words the following:    What is the purpose of financial statements?    List and explain the three financial statements that we will be studying in this module.  FIN1212 Financial Concepts of business Seminar 11: Introduction to Financial Accounting Question 4 The four qualitative characteristics of financial statements are relevance, reliability, comparability and understandability.    Describe each of the above qualitative characteristics    Is it possible to achieve both relevance and reliability characteristics at the same time? Discuss. (Reading the short article on the last slide of last week’ s lecture will help answer this question)
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