Question 1 Total marks for Q1. (20 marks) a) Compare and contrast financial accounting reports from management accounting reports, providing two examples of each one's different characteristics. (5 marks) b) For each of the following items, classify them as either; asset, liability or equity. ? Paid up capital ? Bank loan ? Provision for annual leave ? Brand names and intellectual property ? Accounts receivable ? Prepaid insurance premiums ? Deposit paid by a customer for work yet to be done ? Retained profit (2 marks) c) For a public company whose shares are listed on the stock exchange, answer the following questions. ? Who owns the company? In what ways do they gain ownership? (2 marks) ? Apart from shareholders, who else might be interested in the contents of financial accounting reports? (2 marks) d) What is the difference between a cash flow budget and a statement of cash flows? (2 marks) e) What is depreciation? Explain why businesses recognise depreciation expenses and provide a practical example. (2 marks) f) For the following pairs of items, state which one of each
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