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Users of financial statements (6)
Employees and trade unions
Manager and senior personnel
Creditors
Partners/Owners
SARS
Potential buyers and investors
Banks and lending institutions
Desirable characteristics of financial statements
Compatibility
Understandability
Reliability
Fairness
Timeliness
Major differences in FS between sole proprietor and partnerships
Profit/loss is shared/appropriated between partners
Owners equity comprises of capital accounts and current accounts
Format of income statement mnemonic
GIO GOOI PIN
Three types of activities in a business and e.g.s
Operating activities (buying/selling)
Financing activities (capital contributions, repaying loans/interest)
Investing activities (fixed deposit, transferring funds from savings account, buying land)
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