Roles of Accountants in Business and the Economy

FA – May 2013 – L1 – SB – Q2 – Roles of Accountants in Business and the Economy

This question discusses the various roles played by accountants in an organization.

Question

a. Most Organizations require the services of an accountant. State FIVE roles of an accountant in an Organization. (5 Marks)

b. Yaro Chukwu Plc is a manufacturing company based in Ile-Ife. It commenced business in 2008 with five vehicles costing N650,000 each. The company depreciates its assets at 20% on cost, using straight line method by providing full depreciation in the year of purchase and none in the year of disposal. Another vehicle costing N900,000 was purchased in 2009 to replace the one
sold in 2008 for N450,000, while the company still maintains its depreciation policy.
You are required to prepare:
i. Motor vehicle account up to 31 December 2012 (4 Marks)
ii. Disposal of Assets Account (2 Marks)
iii. Provision for depreciation account up to 31 December 2012 (4 Marks)

Answer

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Tags: Accountants, Decision Making, Financial Reporting
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: MAY 2013

FA – Nov 2013 – L1 – SA – Q33 – Roles of Accountants in Business and the Economy

Understanding the branch of accounting that provides information to management.

Question

The branch of accounting that offers financial and operating information to the firm’s management to help in planning, controlling, and taking decisions is called ____________.

Answer

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Tags: Business Management, Financial Information, Management Accounting
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2013

FA – Nov 2015 – L1 – SA – Q14 – Roles of Accountants in Business and the Economy

This question identifies which clause is not included in the Partnership Act 1890.

Question

The following clauses are stated in the Partnership Act 1890 EXCEPT:
A. Rights and duties of each partner
B. The rate of interest to be charged on drawings
C. The rate of interest to be charged on loan granted by Partners
D. The nature of business to be engaged in by the partnership
E. Pattern of sharing profits or losses among the partners

Answer

Find Related Questions by Tags, levels, etc.

Tags: Clauses, Partners' Rights, Partnership Act
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2015

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

Question

The nature and structure of business entities determine largely their accounting systems and processes.

On the basis of the above, you are required to explain seven advantages of a limited liability company over a sole proprietorship business.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Company Structure, Limited Liability, Sole Proprietorship
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: MAY 2021

FA – Nov 2023 – L1 – SB – Q1B – Roles of Accountants in Business and the Economy

Describe various types of accounting and their roles.

Question

Explain the various types of accounting and their respective roles in providing relevant information to different users of financial information.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Accounting, Financial Accounting, Management Accounting, Tax Accounting
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy

Assess the impact of technology-driven disruption on the accounting profession.

Question

How has technology-driven disruption affected the accounting profession over time?

A. It shielded accounting from disruptions, leading to minimal changes in the industry
B. The transition to computerized accounting eliminated the need for accountants’ involvement
C. Accountants adapted to a machine-driven environment through new technology and automation
D. The accounting profession has seen a decline in employment opportunities due to technological advancements
E. Technology has complicated accounting practices without any beneficial outcomes

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Profession, Disruption, Technology
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q14 – Roles of Accountants in Business and the Economy

Explain how data analytics assists in uncovering information.

Question

How does the application of Data Analytics assist in uncovering hidden information from a dataset?

A. By using encryption methods to protect sensitive data
B. By automating data entry processes to reduce human errors
C. By applying statistical methods and modeling to identify trends, patterns, and insights
D. By generating visualisations for data representation and presentation
E. By providing cloud storage for secure data management

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Operations, Data Analytics, Insights
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

Title: FA – Nov 2023 – L1 – SA – Q9 – Roles of Accountants in Business and the Economy

Assess the impact of technological advancement on accounting operations.

Question

Which of the following best describes the impact of technological advancement on accounting operations?

A. Technology has made accounting more complex and less efficient, leading to data analysis challenges
B. Technological advancements have had no significant effect on accounting practices and financial organisations
C. The use of technologically advanced software has made accounting more efficient, particularly in data analysis, financial organisation and measuring economic activities
D. Accounting operations have become slower due to the integration of technologically advanced software
E. Technology has made accounting easier, but it has not improved data analysis of financial organisations

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Operations, Efficiency, Technology
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q1 – Roles of Accountants in Business and the Economy

Identify the primary roles of accountants in business and the economy.

Question

What are the primary roles of accountants in business and the economy?

A. Providing legal advice to businesses and individuals
B. Managing human resources and employee recruitment
C. Conducting market research and analysing consumer behaviour
D. Preparing financial statements and conducting audits
E. Designing marketing campaigns and advertising strategies

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountants, Audits, Business Roles, Economy, Financial Statements
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

FA – May 2013 – L1 – SB – Q2 – Roles of Accountants in Business and the Economy

This question discusses the various roles played by accountants in an organization.

Question

a. Most Organizations require the services of an accountant. State FIVE roles of an accountant in an Organization. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountants, Decision Making, Financial Reporting
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: MAY 2013

FA – Nov 2013 – L1 – SA – Q33 – Roles of Accountants in Business and the Economy

Understanding the branch of accounting that provides information to management.

Question

The branch of accounting that offers financial and operating information to the firm’s management to help in planning, controlling, and taking decisions is called ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Management, Financial Information, Management Accounting
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2013

FA – Nov 2015 – L1 – SA – Q14 – Roles of Accountants in Business and the Economy

This question identifies which clause is not included in the Partnership Act 1890.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Clauses, Partners' Rights, Partnership Act
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2015

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

Question

The nature and structure of business entities determine largely their accounting systems and processes.

On the basis of the above, you are required to explain seven advantages of a limited liability company over a sole proprietorship business.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Company Structure, Limited Liability, Sole Proprietorship
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: MAY 2021

FA – Nov 2023 – L1 – SB – Q1B – Roles of Accountants in Business and the Economy

Describe various types of accounting and their roles.

Question

Explain the various types of accounting and their respective roles in providing relevant information to different users of financial information.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Accounting, Financial Accounting, Management Accounting, Tax Accounting
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy

Assess the impact of technology-driven disruption on the accounting profession.

Question

How has technology-driven disruption affected the accounting profession over time?

A. It shielded accounting from disruptions, leading to minimal changes in the industry
B. The transition to computerized accounting eliminated the need for accountants’ involvement
C. Accountants adapted to a machine-driven environment through new technology and automation
D. The accounting profession has seen a decline in employment opportunities due to technological advancements
E. Technology has complicated accounting practices without any beneficial outcomes

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Profession, Disruption, Technology
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q14 – Roles of Accountants in Business and the Economy

Explain how data analytics assists in uncovering information.

Question

How does the application of Data Analytics assist in uncovering hidden information from a dataset?

A. By using encryption methods to protect sensitive data
B. By automating data entry processes to reduce human errors
C. By applying statistical methods and modeling to identify trends, patterns, and insights
D. By generating visualisations for data representation and presentation
E. By providing cloud storage for secure data management

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Operations, Data Analytics, Insights
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

Title: FA – Nov 2023 – L1 – SA – Q9 – Roles of Accountants in Business and the Economy

Assess the impact of technological advancement on accounting operations.

Question

Which of the following best describes the impact of technological advancement on accounting operations?

A. Technology has made accounting more complex and less efficient, leading to data analysis challenges
B. Technological advancements have had no significant effect on accounting practices and financial organisations
C. The use of technologically advanced software has made accounting more efficient, particularly in data analysis, financial organisation and measuring economic activities
D. Accounting operations have become slower due to the integration of technologically advanced software
E. Technology has made accounting easier, but it has not improved data analysis of financial organisations

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Operations, Efficiency, Technology
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

FA – Nov 2023 – L1 – SA – Q1 – Roles of Accountants in Business and the Economy

Identify the primary roles of accountants in business and the economy.

Question

What are the primary roles of accountants in business and the economy?

A. Providing legal advice to businesses and individuals
B. Managing human resources and employee recruitment
C. Conducting market research and analysing consumer behaviour
D. Preparing financial statements and conducting audits
E. Designing marketing campaigns and advertising strategies

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountants, Audits, Business Roles, Economy, Financial Statements
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: NOV 2023

Topic: Roles of Accountants in Business and the Economy

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FA – May 2013 – L1 – SB – Q2 – Roles of Accountants in Business and the Economy

This question discusses the various roles played by accountants in an organization.

You're reporting an error for "FA – May 2013 – L1 – SB – Q2 – Roles of Accountants in Business and the Economy"

FA – Nov 2013 – L1 – SA – Q33 – Roles of Accountants in Business and the Economy

Understanding the branch of accounting that provides information to management.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q33 – Roles of Accountants in Business and the Economy"

FA – Nov 2015 – L1 – SA – Q14 – Roles of Accountants in Business and the Economy

This question identifies which clause is not included in the Partnership Act 1890.

You're reporting an error for "FA – Nov 2015 – L1 – SA – Q14 – Roles of Accountants in Business and the Economy"

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

You're reporting an error for "FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy"

FA – Nov 2023 – L1 – SB – Q1B – Roles of Accountants in Business and the Economy

Describe various types of accounting and their roles.

You're reporting an error for "FA – Nov 2023 – L1 – SB – Q1B – Roles of Accountants in Business and the Economy"

FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy

Assess the impact of technology-driven disruption on the accounting profession.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy"

FA – Nov 2023 – L1 – SA – Q14 – Roles of Accountants in Business and the Economy

Explain how data analytics assists in uncovering information.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q14 – Roles of Accountants in Business and the Economy"

Title: FA – Nov 2023 – L1 – SA – Q9 – Roles of Accountants in Business and the Economy

Assess the impact of technological advancement on accounting operations.

You're reporting an error for "Title: FA – Nov 2023 – L1 – SA – Q9 – Roles of Accountants in Business and the Economy"

FA – Nov 2023 – L1 – SA – Q1 – Roles of Accountants in Business and the Economy

Identify the primary roles of accountants in business and the economy.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q1 – Roles of Accountants in Business and the Economy"

FA – May 2013 – L1 – SB – Q2 – Roles of Accountants in Business and the Economy

This question discusses the various roles played by accountants in an organization.

You're reporting an error for "FA – May 2013 – L1 – SB – Q2 – Roles of Accountants in Business and the Economy"

FA – Nov 2013 – L1 – SA – Q33 – Roles of Accountants in Business and the Economy

Understanding the branch of accounting that provides information to management.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q33 – Roles of Accountants in Business and the Economy"

FA – Nov 2015 – L1 – SA – Q14 – Roles of Accountants in Business and the Economy

This question identifies which clause is not included in the Partnership Act 1890.

You're reporting an error for "FA – Nov 2015 – L1 – SA – Q14 – Roles of Accountants in Business and the Economy"

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

You're reporting an error for "FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy"

FA – Nov 2023 – L1 – SB – Q1B – Roles of Accountants in Business and the Economy

Describe various types of accounting and their roles.

You're reporting an error for "FA – Nov 2023 – L1 – SB – Q1B – Roles of Accountants in Business and the Economy"

FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy

Assess the impact of technology-driven disruption on the accounting profession.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q20 – Roles of Accountants in Business and the Economy"

FA – Nov 2023 – L1 – SA – Q14 – Roles of Accountants in Business and the Economy

Explain how data analytics assists in uncovering information.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q14 – Roles of Accountants in Business and the Economy"

Title: FA – Nov 2023 – L1 – SA – Q9 – Roles of Accountants in Business and the Economy

Assess the impact of technological advancement on accounting operations.

You're reporting an error for "Title: FA – Nov 2023 – L1 – SA – Q9 – Roles of Accountants in Business and the Economy"

FA – Nov 2023 – L1 – SA – Q1 – Roles of Accountants in Business and the Economy

Identify the primary roles of accountants in business and the economy.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q1 – Roles of Accountants in Business and the Economy"

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