Ma3. 41. Which of the following best describes "financial performance" of an entity ?The revenue, expenses and net income or loss for a period of an entity.The assets, liabilities and equity of an entity.The total assets minus total liabilitiesThe total cash inflows minus total cash outflows42.4344.45.46.47.48.49.50.a.b.C.d.The objectives of financial reporting for entities are based ona.The need for conservatismb.Reporting on management's stewardshipThe elements directly related to the measurement of financial position areAssets, liabilities, equity, income and expenses c. Income and expensesAssets, liabilities and equityd. Assets and liabilities.a.b.The elements directly related to the measurement of financial performance area. Assets, liabilities, equity, income and expenses c. Income and expenses.b. Assets, liabilities and equityd. Sales and cost of salesC.d.It is the residual interest in the assets of the entity after deducting all of its liabilitiesIncomeNet incomea.C.b.Expensesd. Equityb.Which of the following is an internal user of an entity's financial information?Board of directorsShareholders in the entityGenerally accepted accounting principlesThe needs of the users of the informationC.a.. Customersb.. The publicd.These user require information on risk and return on investment and an entity's ability to pay dividends.a. InvestorC.Lendersb. Employeesd.Customersa.. Customersb.. EmployeesThese users are interested in information about the profitability and stability of an entity in order to assess the ability of theentity to provide remuneration, retirement benefits and employment opportunities.C. Government and their agenciesEmployeesd.Holder of the entity's bondCreditorThese users are interested in information that enables them to assess whether their loans, the related interest thereon andother amounts owing to them will be paid when due.a.. Lenders.b.. BorrowersC.d.Trade creditorsOwnersThese users are interested in information about the continuance of an entity, especially when they have a long-terminvolvement with or are dependent on the entity.C. Trade unionsd. Suppliers

41. Which of the following best describes "financial performance" of an entity ? The revenue, expenses and net income or loss for a period of an entity. b. The assets, liabilities and equity of an entity. a. The total assets minus total liabilities The total cash inflows minus total cash outflows C. d.