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business
accounting for business

Questions and Answers of Accounting for Business

(a) Can you identify the kind of expenses for which the directors make estimates or choices in the ways described?
1 Find out more about a range of scandals, including:(a) How was the scandal discovered?(b) How was it perpetrated?(c) Was the issue one of creative accounting or fraud?(d) What penalties
2 Do a web search on Enron and its auditors Arthur Andersen and summarise your findings.To get you started you might look at ‘The 10 worst accounting scandals of all time’,
3 Update the situation regarding Murray Goulburn?
Can you suggest checks that might be useful to get a feel for the reliability of a set of financial statements?
LO1: Explain the importance of company law in relation to the directors' duty to account, and discuss the role of the auditor in this process
LO2: Explain why there is a need for accounting rules, explain the importance of accounting standards and map the development of accounting standards through to the development of international
LO3: Outline the role of the Australian Securities Exchange in regard to company reporting and management, with particular reference to corporate governance
L04: Identify the main requirements relating to the published annual report, including all of the financial and ancillary statements
LO5: Explain the rationale for preparing segment reports and describe the reporting requirements
LO6: Define the term creative accounting, describe the kind of methods used and identify steps that might be used to prevent it occurring
7.1 LO1 What is the role of a company director?
7.3 LO3 What is meant by the term ‘corporate governance’? What would be included in corporate governance activities?
7.4 LO4 Describe the key components of the annual report, including an explanation of the purpose of each report element.
7.5 LO5 How important do you think segment reporting is for a public company?
How does the auditor assist the director in fulfilling their directorship role?
The Australian Accounting Standards Board (AASB) has adopted International Accounting Standards (IAS) for financial reporting. Must your marginally profitable proprietary company with absolutely no
If you have to comply, do IAS allow firms to adjust the standard where strict compliance will not provide true and fair reporting? Explain. Discuss the purpose of the statement of comprehensive
Describe the applicability of specific accounting principles in your discussion. The empirical research into the usefulness of the new statement of comprehensive income is mixed. Does it matter where
You think you may have discovered an error in a company's statement of financial position. They're showing a value for goodwill, and you know that unrealised assets such as human capital, a strong
Explain why corporate governance is currently a 'hot topic' for organisations and standard setters.
Explain what you understand by 'true and fair' in the context of company reporting. In terms of financial reporting, how does the focus of the Australian Securities Exchange differ from that of the
7.16 LO2 Distinguish between ‘corporate governance’ and ‘enterprise governance’.
7.17 LO5 What problems does a user of segment reports face when seeking to make comparisons between businesses?
7.18 LO1 (a) What is to be included in audit reports?
(b) Why do small proprietary companies not need to have their reports audited?
(c) What is the main function of an audit report?
(d) Why do companies have to report on the extent of non-audit services provided to them by the auditing business?
7.19 LO2 Over the past two decades Australia has moved through the following stages:???? ???? ???? Producing its own standards with reference to differences between these and the equivalent
(b) What could disadvantage Australia in giving up setting its own individual accounting standards?
7.20 LO6 From your study of creative accounting, do you think that it is possible to see how a path might emerge that takes someone from a mild tweak of an accounting judgement to a complete fraud?
7.21 LO1–3 The size of annual reports published by limited companies has increased steadily over the years. Can you think of any reasons, apart from the increasing volume of accounting regulation,
7.22 LO1–4 It has been suggested that too much information may be as bad as too little information for users of annual reports. Explain.
7.23 LO1–4 The system of corporate governance for stock exchange companies adopts an ‘if not, why not’approach, also described as a ‘comply or explain’ approach. What does this mean? Set
6 The discussion paper talks about the importance of people and behaviours on board effectiveness.(a) What do you think is meant by ‘board culture’?
(b) Do you think it is important that board members behave in a professional manner to each other?Why/why not?
(c) Do you agree that diversity is an important component of a good board?
(d) Why do you think that mutual respect between board members is important? What kinds of issues are likely to arise if mutual respect is lost?
(e) What do you understand by the term ‘group think’, and how might it be prevented? How might a culture of ‘effective challenge’ be developed?
(f) What reasons can you think of that might prevent a board working effectively as a team?
(g) Is there an optimal size and composition for a board? Explain your answer.(h) How might a board encourage ethical and responsible decision-making?(i) What kind of relationship should a CEO seek
7 With regard to frameworks, processes and structures, answer the following.(a) What kind of risks might a company face? You may find it easier to think of a particular business and think about the
(c) What do you understand by ‘disaster myopia’, and how might you guard against it?
(d) Comment on the statement ‘Greed reflects a failure of leadership’.
LO1 Identify the main elements of internal control and explain the need for sound internal control in accounting systems
LO2 Explain why in a typical manual system the ledger needs to be split up, identify common ways of doing this, and outline the purpose and structure of a traditional manual system of subsidiary
LO3 Explain the nature and role of sales and purchases journals and show how they are used in posting figures to the accounts in a traditional manual system
LO4 Explain the nature and role of the cash book and cash journals and show how they are used in posting figures to the accounts in a traditional manual system
LO5 Explain the nature and role of the journal and show how they are used in posting figures to the accounts
LO6 Explain the importance of control accounts and reconciliations, and prepare control accounts for debtors and creditors and a bank reconciliation
LO7 Explain the major elements of computerised accounting systems and explain how these systems still use the same basic principles of accounting and internal control used by a manual system, but
(a) Why is it important to develop a clear job specification and ensure that there is a clear separation of duties?
(b) Why is it important that authorisation of expenditure is closely controlled?
(c) Why should a cashier not have access to the accounts?
(d) Why is it important that staff are required to take their annual leave?
(e) What problems can arise regarding conflict of interests?
(f) Why is an inventory of assets owned an important part of the system of internal control?
(g) Why is it important that staff are well trained?
(h) Why is an audit important?
(i) What safeguards regarding documents and computer files might be appropriate?
1 How might you check if you felt that you might be subject to CEO spoofing?
2 Discuss the experiences the class has had with regard to phishing.
3 If you were unsure about the legitimacy of a phone call, how would you deal with it?
4 Share your experiences of the kind of behaviour outlined in Accounting and You. How easy is it to recognise and deal with attempts of this type to defraud?
a) Consider the accounts of your local supermarket. What are the limitations of reliance on a simple double-entry system to record the transactions of the business? Identify ways of dealing with a
(b) Assuming that a business maintains the subdivision of the ledgers identified above, identify in which ledgers the following accounts would be found:i. an account for David Anth, a customer ii.
(c) Explain how a computerised accounting system might use computer files as part of a subsidiary record system and ledger system.
(d) How important are barcodes in data capture?
(e) Identify ways in which the use of subsidiary records can help internal control.
(a) What kind of day book might an audiologist or a real estate agent keep?
(b) You are required to complete a purchases book and a purchases returns book from the following details, and then post the contents to the appropriate accounts in the appropriate ledger.i. January
(c) Suppose that you misread the figure from the 1 January purchases from R. Sage as $530, and also made the same mistake when totalling the purchases book. Would these errors have shown up when the
(a) Explain how use of analysis columns in cash journals can save posting time.
(b) Identify any key points relating to internal control that you have noted in relation to cash journals.
(c) If you were put in charge of petty cash for a company, and were shown the petty cash book provided earlier in this section as an example, would you feel it necessary to discuss any particular
(d) Which of the following statements relating to petty cash is true?i. The imprest is the amount of cash le" at the end of the period.ii. The imprest is the sum of the balance plus the sum of the
(a) Journalise this transaction: the purchase on credit on 19 October of a new BMW for $70,000.
(b) Which of the two errors below is an error of commission and which is an error of principle?i. Sales of $350 to J. Harvey were debited to J. Hardy.ii. Wages of $2,000 relating to improvements was
(c) Identify the nature of the following errors and journalise the necessary corrections:i. The purchases book was incorrectly totalled, being too high by $1,000. Discount received amounting to
(d) How likely are the kind of errors discussed in this section to be found in a manual system? In which areas do you think that the use of computer-based systems reduces the likelihood of errors?
(a) The following information relates to sales and purchases for a business.Balances as at 1 June 2017 Sales ledger 525,000 debit 2,000 credit Purchases ledger 252,000 credit 1,200 debit Transactions
(b) The accounts of a business include a cash account with a balance of $35,000 as at 30 June.The bank statement has a closing balance of $35,356. A"er comparing the entries in the cash account with
2 What postings would be made from the sales returns book?
3 What postings would be made from the purchases book?
4 What postings would be made from the purchases returns book?
5 What postings would be made from the cash receipts journal?
6 What postings would be made from the cash payments journal?
7 Can you think of any other transactions relating to debtors and creditors that might arise? How would these be dealt with in the subsidiary records?
8 Summarise the likely content of a sales (debtors) ledger control account and a purchases (creditors) ledger control account for this organisation.
9 What are the advantages, in this case, of the use of analysis columns in the cash journals?
10 From an internal control perspective, how much of the recording (both in the subsidiary records and the ledgers)could or should be carried out by one person? How do you think the various functions
11 What are the risks should your recommendations in question 10 above not be possible?
1 In this business, transactions are largely cash based.Which areas of recording are simplified as a result?
2 What difference do you think extensive use of internet banking of the type used would make to a bank reconciliation?
3 What is the equivalent of the sales book for this business?
4 Explain how the cash receipts and payments system used by this business is consistent with a system of cash journals.
5 Explain how the use of barcodes can act as the equivalent of analysis columns.
6 How do you think a spreadsheet (or set of linked spreadsheets) could be used to produce a set of final accounts that could be analysed to produce performance reports for subdivisions of a business?
(a) What kind of information needs to be part of a computerised wages record or database for each individual staff member?
(b) Assume that a company has a sound historical accounting system and wishes to use this as a base for planning over the next five years. For what areas do you think sensitivity analysis would be

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