Which of the following statements is INCORRECT?

Financial Accounting has the primary objective of preparing financial statements on a regular basis.

Management Accounting has the primary objective of preparing reports for an

organisations internal decision-makers.

Finance has the primary objective of assessing an organisations financing and

investment decisions.

Accounting has the primary objective of providing information for stakeholders to make informed decisions.

The following are statements about the accounting information needs of an

organisations competitors. Which of these statements is INCORRECT?

Competitors want timely information about the market share held by the organisation.

Competitors want timely information about when the organisation pays income taxes.

Competitors want timely information about the organisations ability to continue its

operations for the foreseeable future.

Competitors want timely information about the organisations cost profile.

Which statement best describes managerial accounting rather than financial accounting?

Aggregated and summarized data are typical outputs.

Data collection is restricted to double-entry accounting and cost data.

Reports may conform to international accounting standards and/or internally developed standards.

Focus is general rather than specific.

Which of the following should not be disclosed in the Income Statement (Statement of Profit or Loss and Other Comprehensive Income)?

Depreciation of equipment.

Staff Salaries.

Equipment at cost price.

Insurance costs.

Which of the following should not be disclosed in the Balance Sheet (Statement of Financial Position)?

Opening inventories.

Closing inventories.

Cash at bank.

Property, plant, and equipment.