33. Which one of the following is true? Select one: O a. Both Financial Accounting and Management accounting have prescribed set of formats. o b. It is compulsory for a public company to prepare financial accounts though preparation of management accounts is voluntary. O c. GAAP'S and IFRS's are followed in preparation of both financial accounts and management accounts. O d. Financial accounts and management accounts are of interest to both internal and external stakeholders. Next pag Savana Supplies Limited has the following purchases budget for the last half of 2012: July $100,000 August $80,000 September $140,000 October $76,000 November $120,000 December $86,000 The company pays one half at the time of purchase and the remainder in the month following purchase. What are the expected cash payments in August? Select one: a. $80,000 b. $90,000 c. $110,000 d. $100,000 Which of the following are primary financial statements? 1. Statement of Profit or Loss 2. Statement of Financial Position Statement of Cash Flows 4. Audit report Select one: O a. 1, 2 and 4 O b. 1 only O c. 1, 2 and 3 d. All of the above 17. Which one of the following statements correctly describes the contents of the Statement of Profit or Loss? Select one: o a. A ledger of balances shown as debits and credits O b. A record of revenue and expenses over a given period to calculate profit/ loss of the business O c. A record of the amount of cash generated and used by the company in a given period d. A list of all the assets owned and liabilities owed by a business