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Q1.1 1.1A Why is it necessary to keep financial information that has its origins in international trade separate from that which comes from domestic trade? (international trade has different rules comply compared to domestic trade) 1.1B How would you identify and separate the financial information related to the international business activity of your organisation from domestic Australian business activity for reporting and compliance purposes ? 012 1.2 A Why is it necessary to collect relevant current financial data and convert it to the currency used in the report? (legal currency -the company's reporting currency. Local currency-currency of the support documents) 1.2 B Explain how you would evaluate currencies and code them, and why it is necessary to do this. (six letter code the first three letter of which are the base currency and the second three letters refer to the country being quoted. For example, if we were looking at the Australian dollar compared to the US dollar it would be shown as AUD/USD 0.21.1 Q1.3 How do data conversion and consolidation procedures contribute to the compilation of analysis reports and why is this necessary