All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question
AI Study Help New

Search
Sign In
Register

study help
business
international financial management

Questions and Answers of International Financial Management

Penshurst Ltd began business on 1 July 2021 with each of the two owners contributing $25 000 cash. The company paid $2200 in advance for a two-year lease of its retail premises. Inventory worth $3500
Mortdale Ltd provides one-day training programs in accounting. It charges $7000 per day. The following events occurred for the company in the month of June 2022.a Received $62 000 from accounts
Oatley Ltd started business on 1 July 2022 and had the following transactions on 1 July:a Issued 300 000 shares of $1 for $300 000 cash.b Bought equipment for $400 000, paying cash. The equipment has
The following transactions occurred during the year ended 31 December 2022 for Como Ltd:Revenues, expenses and liabilities COMO LTD BALANCE SHEET AS AT 31 DECEMBER 2021 $ $Assets Liabilities Cash 168
The financial year-end for Jannali Ltd is 30 June.a Prepaid insurance as at 1 July 2021 was $6000. This represents the cost of an insurance policy that expires on 1 March 2022.b Jannali was entitled
1 In a recent annual report the following information is provided:2022 2021$m $m Prepayments 50.8 52.0 Assume this amount all related to insurance and that $70 million cash was paid during the year
Forbes Ltd’s annual accounting year ends on 30 June. It is 30 June 2022 and all of the 2022 entries except the following adjusting entries have been made.a On 1 April 2022 the company borrowed $80
NOP Ltd purchased a one-year insurance policy on 1 April. The entire premium of $8000 was recorded by debiting prepayments. Year-end is 30 June.1 Give the 30 June entry using transaction analysis.2
ABC Ltd pays its employees every Friday for a five-day working week from Monday to Friday. The weekly payroll amounts to $150 000. The accounting year-end is 30 June.1 Assuming that 30 June falls on
Entertainment Ltd will be hosting a concert on 29 August 2022. Entertainment Ltd has the following transactions in August 2022 associated with the concert and its business. Prepare the journal
1 Employees of Donovan Ltd are paid every Friday for the five-day working week from Monday to Friday. The weekly wages expense is $115 000. The accounting year-end is 31 December. Assume this falls
Jindabine Trust Ltd cleans trucks for customers. It is completing the account process for the year just ended 30 June 2022. The transactions during 2022 have been posted to the ledger accounts. The
The balance sheet of ABC Ltd as at 31 December 2021 and the cash receipts and payments for the year ended 31 December 2022 are as shown.Additional information:a As at 31 December 2022, the balance of
Refer to the extracts of the annual report of Woolworths Limited in the appendix. All questions relate to the consolidated accounts.1 What would be the most likely source document used by Woolworths
Following are extracts of the 2020 Telstra Limited Statement of Financial Position:TELSTRA GROUP STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2020 2019$m $m Current assets Cash and cash equivalents
Go to the 2020 financial statements of Australia Post (https://auspost.com.au/content/dam/auspost_corp/media/documents/2020-australia-post-annual-report.pdf) and find where the following items are
LO1 list the content of Australian annual reports (5.1)
LO2 understand the accounting regulatory environment in Australia (5.2)
LO3 understand the importance of international accounting standards (5.3)
LO4 describe the type of judgements financial managers need to make in respect of financial reporting (5.4)
LO5 describe management’s responsibilities for maintaining an appropriate internal control system (5.5, 5.6)
LO6 outline the components of a good internal control system (5.5, 5.7)
LO7 make judgements of the appropriate responses to certain ethical dilemmas facing managers (5.8)
LO8 explain the nature and purpose of an audit (5.9)
LO9 describe the types of audit reports issued (5.9)
LO10 understand the importance of independence of the audit function (5.10)
5A Provide an example of each of the following controls:(i) information processing controls(ii) segregation of duties(iii) physical protection of sensitive assets.
5B Shown below are extracts from the financial statement audit report of Australia Post with references to internal control highlighted.Directors’ responsibility for the financial statements The
5C Outline the internal controls that would be likely to prevent, or at least detect, the case of fraud described below:There have been recent reported incidents of attempted fraud on a variety of
Explain the nature and purpose of internal control to a manager A friend, Janet, has accepted a job as the general manager of a local company. During a meeting you attended, an accountant mentioned
Ethics From the following list:a self-interest b self-review c advocacy d familiarity e intimidation State what type of threat each of the following situations provides.1 Your client is suffering
1 What are the key financial statements included in an annual report?
3 In addition to the financial statements, what else is included in an annual report?
5 Write a paragraph discussing the following topic: ‘The only thing worse than the large and complex set of practices, standards and theories that make up GAAP would be if there were no such thing
6 What is an accounting policy choice?
7 In what areas do organisations often make policy choices?
8 Select five accounting policy choices. Describe the potential impact on profit and total assets of each of the choices.
10 Given that accounting choices provide management with the opportunity to act in its own self-interest, what are the benefits for financial statement users of allowing managers to choose accounting
11 What is internal control?
12 List the main components of internal control.
13 Why is internal control over cash so critical?
14 What types of organisations need strong internal controls over inventory?
15 What is segregation of duties? Provide three examples.
16 List four important internal controls over cash.
17 Discuss the following statement: ‘No system of internal control is perfect. There are always inherent limitations.’
18 Why it is important to perform a cost–benefit analysis when designing an internal control system?
19 Discuss the following statement: ‘A properly designed system of internal control over cash should prevent employee theft of cash.’
23 What purpose does the auditor’s report serve?
24 What are the types of audit reports, and what does each indicate to the users of financial statements?
25 To an investor, what value has been added to the financial statements by the auditor’s report? Why?
26 Suggest some limitations regarding the value of the auditor’s report that an investor should be aware of.
28 ASIC’s report on audit inspection findings for 12 months to 30 June 2020 include the following:‘ASIC’s latest review found that auditors did not, in our view, obtain reasonable assurance
30 June 2019. The largest numbers of adverse findings were in the audit of asset values, particularly impairment of non-financial assets and the audit of revenue.’a What does a 27 per cent
Authoritative standards, capital markets and contracts Many of the accounting methods you are studying in this book are based on authoritative standards (such as AASB Statements), which attempt to
Fundamental ethics principles You work in the consulting division of one of the large accounting firms. You have been seconded to the audit division for three months to work on XYZ client audit. For
Describe weaknesses in internal control The following incidents took place in the DG Company:1 Kylie, the cashier, pocketed cash received over the counter from customers paying their accounts. She
Identify violated components of internal control In each of the following cases, what component of good internal control is being violated (if any)?1 Tough Ltd pays all its employees minimum wages
Recommend improvements in internal control of cash in a church You have been appointed to the finance committee of your local church. The collections for Sunday services are taken up by a team of
Explain cash control procedures and identify internal control weaknesses 1 Identify the internal control weaknesses in the following two cases and suggest a way of improving each situation.a A
Top management responsibility for internal control The proud owner of Beedle Ltd, a successful high-tech company, is very good at hiring and motivating excellent people to develop and sell products.
Prepare a report on internal control The NSW Golf Society operates a museum for the benefit and enjoyment of present and potential golfers.During hours when the museum is open to the public, two
From the following list:a self-interest b self-review c advocacy d familiarity e intimidation State what type of threat each of the following situations provides.1 You have been partner on CKT Ltd
Auditing 1 The general manager of a small company recently said: ‘We need to have an external auditor for our financial statements so we can guarantee their accuracy to our bank.’ Will that be
Refer to the 2021 annual report of Woolworths Limited in this book’s appendix.All questions relate to the consolidated accounts.1 Find each of the following and indicate the page:a summary data on
Following is an excerpt from the 2020 annual report of BHP Holdings Ltd Management’s assessment of our internal control over financial reporting Management is responsible for establishing and
CASE 5C Internal controls over intangible assets For many companies, their most valuable assets are not their cash and their inventory but their intangible assets. These intangible assets may include
Select an annual report of a large listed company on the ASX. Find the audit report and answer the following questions:1 Who is the audit firm?2 What type of audit report is given (see Exhibit 5.5)?3
LO1 describe the contents of a balance sheet (2.1, 2.2)
LO2 determine what business activities result in changes in a balance sheet (2.2)
LO3 carry out preliminary analysis based on a balance sheet (2.3)
LO4 show how specific activities affect each item in the balance sheet (2.5)
LO5 prepare a balance sheet (2.5)
LO6 determine the effect of transactions on revenue and expenses (2.7)
LO7 prepare an income statement (2.7)
LO8 explain the nature of each of the items in the balance sheet and income statement for a public company(2.4, 2.9)
LO9 describe the contents of the note reconciling opening and closing retained profits (2.8)
LO10 explain the importance of income statements and balance sheets to managers (2.6, 2.10).
2L If the opening balance of retained profits is $850 000, net profit before tax $150 000, net profit after tax $120 000, and $70 000 of dividends were declared and paid, what is the closing balance
Suppose Bratwurst Ltd’s accounting records showed the following for the next year, 2023: revenues earned$14 200, cash collected from customers $13 800, expenses incurred $12 900, dividends declared
The following transactions occurred during 2022:(a) Issued shares to investors for $100 000 cash(b) Borrowed $61 000 from the bank(c) Purchased equipment for $17 000 cash(d) Purchased $723 000 of
2I Calculate the total revenue and expenses for the month of June 2022, given the following:(i) Credit sales of $200 000 made in June; 50 per cent to be collected in June.(ii) Cash sales of $300
2G (i) What is the effect of each of the following transactions on total assets?(a) Purchased equipment for $200 000 cash.(b) Purchased inventory for $30 000 on credit.(c) Received a loan of $50 000
2D If assets are resources, what are the possible sources for these assets?
1A What are the two main things that financial accounting measures?
1E Assume the opening balance of retained profits is $80 000 and the following account balances for the month of February are: sales $200 000, cost of goods sold $90 000, wages expense $60 000 and
Calculate net profit Assume this is the first year of operations for the company. Using the following information calculate net profit before tax.$Credit sales 300 000 Cash sales 100 000 Cash
From the following information, prepare a balance sheet, appropriately classified, as at 30 June 2022 for PSM Limited.$000 Share capital 108 518 Cash 11 636 Accounts payable 43 091 Investments ($3
The following transactions occurred during 2022.1 Issued shares to investors for cash.2 Provided services to customers, receiving part in cash and the rest on credit.3 Incurred advertising expense,
Isabelle Limited started business on 1 September 2022. During the first month in business the following transactions occurred.a Issued share capital, $100 000.b Paid one month’s rent of $2000.c
1 a Provide three examples of both revenues and expenses.b Which of the following items increase revenues: credit sales, cash sale, a loan from the bank, issue of share capital? For those items that
2 What is the difference between current and noncurrent assets?
3 What is the difference between current and noncurrent liabilities?
4 Do liabilities always involve future payments of cash?
5 Suggest two ways retained profits may decrease.
9 Explain the following in non-technical language that a business person who has not read this text would understand:Why are dividends to shareholders not considered to be an expense in calculating
11 Provide an indicator of whether a company is financially sound.
12 Provide an indicator of whether a company can pay its bills on time.
13 Consider any company you are familiar with or interested in and make a list of all the people who might be interested in its balance sheet. Make your list using the following headings:Person
14 ‘Financial reports are no longer timely today.’ Discuss.
15 Explain why the difference between current and noncurrent liabilities is important to a company.

Showing 1800 - 1900 of 3047

First
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved