1. Management accounting reports are prepared:

Select one:

a.to provide up-to-date information to managers for decision making.

b.to provide information for a wide range of stakeholders.

c.based only on historical figures.

d.based on GAAP and IASB accounting standards

2.The sole trader business structure can be very complex to establish.

Select one:

True

False

3.In which of the following financial statements would a retained earnings account be found?

Select one:

a.Partnership.

b.None of the options shown would contain a retained earnings account.

c.Company.

d.Sole trader.

4.The qualitative characteristic of the Conceptual Framework that relates to presenting the financial statements in a format that is readable to users so that they can make sense of the information is:

Select one:

a.Timeliness

b.Understandability

c.Comparability

d.Verifiability