Accounting and Auditing

Management accounts in large companies are prepared:

• yearly

• monthly

• quarterly

• weekly

The company must follow a principle of ___, i.e. it cannot keep changing its accounting systems every year.

In the past, a company's records were kept in real ____ or ____ - hence the term bookkeeping.

The external auditors must give a(n) ____ opinion of the accounts.

A purchasing ledger tells you about things a company ____.

Financial statements are published for _____ and _____ to inspect.

Tick ALL the types of ledgers used in companies.

• sales ledger

• acquisition ledger

• purchasing ledger

• bookkeeping ledger

• cash ledger

The Statutory Financial Accounts summarize the financial statements for the ____ year.

Accounting standards are the same all over the world.

• True

• False

____ ____ is an accounting term for a company that is financially stable enough to meet its obligations and continue its business for the foreseeable future.