Finance for Business Written Topics

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  • Created by: megan
  • Created on: 13-05-19 19:00

1. Name 8 characteristics of financial statements.

  • Understandability, Relevance, Materiality, Reliability, Substance over form, Prudence, Completeness, Comparability and Timeliness
  • Understandability, Relevance, Materiality, Reflective, Substance over form, Persistent, Completeness, Comparability and Timeliness.
  • Understandability, Relevance, Methodical, Reliability, Substance over form, Prudence, Completeness, Comparability and Timeliness.
  • Understandability, Relevance, Methodical, Reliability, Substance over form, Persistant, Completeness, Comparability and Timeliness.
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Other questions in this quiz

2. Explain the meaning of limited liability.

  • Limited liability is where a persons financial liability is limited to a fixed sum, usually the amount they have invested into a business.
  • Limited liability means when a shareholders are limited in dividends they can be paid.

3. What is the name of the legal document that governs how a partnership is legally constituted and managed?

  • Dissolution of Partnership Deed
  • The Partnership Agreement
  • The Companies Act 1985

4. Explain what corporate governace is.

  • Corporate Governance is the way in which companies in the UK are directed and controlled.
  • Corporate Governance is the way in which companies are set up.

5. How are sole traders, limited companies and partnerships taxed.

  • Sole traders and Partnerships are subject to income tax where as a limited company is subject to corporation tax.
  • Limited companies are subject to corporation tax, sole traders don't have to pay tax and partnerships are subject to income tax.
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