Question 24

100 is put into a savings account at the bank, and after withdrawing 105 (at the end of one year), the closing balance is 10.

What is the Internal Rate of Return (IRR)?

A 15%

B 5%

C Unknown

D Zero

E 10%

Question 25

Which of these statements is true?

A Financial accounting reports (mostly) on past and current performance

B The main users of management accounting are external to an organisation

C Management accounting is concerned with providing true and fair information

D Auditing is only used to discover fraud and errors in the accounts