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REQUIRED: Provide your answers in the boxes provided. You may type a maximum of about 50 words or exactly 350 characters (including spaces). Please note that the character counters do not update until you press ENTER. 172 characters remaining. REVISION QUESTION A. When asked whether he wanted his pizza cut into ten or twelve pieces the financial accountant replied "Ten pieces please. I couldn't possibly eat twelve". Discuss from an overhead allocation viewpoint. The overhead allocated would be the same price. Each slice of pizza would cost more when divided by 10, but the overall overhead allocation will be the same as if divided by 12. 3 characters remaining. REVISION QUESTION B. Discuss two key differences between cash and accrual accounting. Cash accounting is only concerned with the inflow or outflow of cash. Cash accounting immediately records the transaction when cash is involved. Accrual accounting records the transaction as revenue received, even if not cash transaction has occurred. Cash accounting recognises expenses when cash outflow occurs; accrual can recognise in advance. 54 characters remaining. REVISION QUESTION C. Explain what useful information readers of financial statements obtain when they review the assets on the balance sheet. They will see current assets, which shows how much cash they have. When compared to liabilities, ratio analysis can determine liquidity. Further, they can see long-term assets which will provide long-term economic benefit. Accounts receivable also can give a good indication of future cash flow