Questions and Answers of Accounting Business Reporting For Decision

Read the article on environmental auditing at www.epa.vic.gov.au/our-work/environmental-auditing. What is environmental auditing? What is a 53V audit? What is the role of the auditor in the 53V
Human rights are rights inherent to all human beings, whatever our nationality, place of residence, sex, national or ethnic origin, colour, religion, language, or any other status. We are all equally
Financial acumen may not be every director’s strength but ignorance is no excuse when it comes to understanding company accounts. The former directors of property group Centro found this out the
How can the professional accounting bodies assist in standard setting?
Explain:(a) Triple bottom line reporting(b) Corporate governance(c) The relationship of stakeholders to corporate governance.
It is important that partners draw up a partnership agreement. What details should be specified in this agreement?
Go to the ATO website (www.ato.gov.au) and provide a definition for each of the following.(a) Pay as you go (PAYG)(b) Capital gains tax (CGT)(c) Goods and services tax (GST)(d) Tax file number
Differential reporting is applicable to which entities? Name four areas where the reduced disclosure requirements apply.
Enter the following transactions for the month of March 2020 in a worksheet and calculate the profit or loss for the period. Explain how the worksheet assists in the calculation of profit or loss.
The shareholders’ equity section of the statement of financial position for a public company includes:(a) Share capital (contributed equity).(b) Retained earnings.(c) Reserves.(d) All of the above
Partnerships are most common among:(a) Doctors.(b) Accountants.(c) Lawyers.(d) All of the above.
Complete the following table. Current assets $ 200 6400 15 100 d. Non-current assets a. $19700 8400 5700 = Current liabilities $ 1700 50 3 900 10 700 + Non-current liabilities $
A sole trader in Australia is taxed at:(a) The company tax rate of 30 per cent.(b) The same as the rate of capital gains tax for the owner.(c) The owner’s marginal tax rate.(d) Both the rates in
Jenny and Margaret agree to form a partnership on 16 September 2020 to supply first-aid kits to motor vehicle dealers. They agree on the following market values given to them by an independent
The following business transactions and business events relate to Andrew’s Business Services Pty Ltd.Required(a) Prepare a worksheet for the business transactions for June.(b) Enter these
Teddy Thomas, a real estate agent, requires you to prepare a statement of profit or loss for the period ended 31 December 2020: donations $120; office wages $8400; sales salaries $30,000; sales
The following account balances, dated 30 September 2020, are of sole trader Victoria Stone (Stone Bike Hire): capital (V Stone) $108 125; hire revenue $45000; bike maintenance $10000; administrative
The directors of Pumpkin Ltd provide you with the following financial information for the period ended 31 December 2020: selling expense $76050; interest expense $29250; legal fees $4875;
Samuel and Vinnie decide to form a partnership on 1 January 2020. They secure the services of a solicitor to draw up their partnership agreement as follows.(a) Samuel is to contribute:• His vehicle
Go to the Australian Taxation Office website (www.ato.gov.au) and select the ‘Business’ tab, then select ‘Businesses’ under the ‘Online Services’ heading. Next, select ‘Standard

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