1. Which one of the following sentences does not explain the distinction between financial accounts and management accounts? A. Financial accounts are more accurate than management accounts. B. Financial accounts are primarily for external users and management accounts are primarily for internal users. c. Financial accounts are normally produced annually and management accounts are normally produced monthly. D. Financial accounts are audited by management whereas management accounts are audited by external auditors. 2. Bookkeeping is different from accounting. Which part of the accounting process does bookkeeping primarily involve? A. Identification. B. Measurement. c. Recording. D. Communication. 3. Recording revenues from business activities and expenses associated with those earnings in the same accounting period is an application of which of following accounting concept? A. Going Concern. B. Accounting Period. c. Matching Concept. D. Consistency Reporting. 4. The expenses relating to personal use should be treated as drawings rather than as business expenses. This is in accordance with A. Matching concept. B. Prudence concept. c. Separate entity concept. D. Substance over form concept. See next nage.