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Please answer questions E1-23, P1-3, P1-4 with detailed explanation, please follow AASB standards (Australian Accounting Standards), thanks! E1-23 ) USING ACCOUNTING VOCABULARY [5-10 MIN] (LO6
Please answer questions E1-23, P1-3, P1-4 with detailed explanation, please follow AASB standards (Australian Accounting Standards), thanks!
E1-23 ) USING ACCOUNTING VOCABULARY [5-10 MIN] (LO6 ) Consider the following accounting terms and definitions, and match each term to the definition. Definitions A. Set of global accounting guidelines, formulated by the IASB B. Holds that fair market value should not be used over actual costs C. Stands for Australian and New Zealand Accounting Standards Boards respectively. D. Owner is referred to as a proprietor E. Asserts that accounting information should be complete, neutral and free from material error F. An examination of a company's financial statements and records G. Has two or more owners (called partners) H. Australian and New Zealand governmental agencies that oversee their respective financial markets I. Type of entity that is designed to limit personal liability exposure of owners to the entity's debts J. Person or business lending money P1-3 PREPARING FINANCIAL STATEMENTS [20-30 MIN] (LO4) Presented here are the accounts of Golden City Barbers for the year ended 30 June 2021 . Requirements 1. Prepare Golden City Barbers' income statement. 2. Prepare the statement of changes in equity. 3. Prepare the balance sheet. P1-4 PREPARING FINANCIAL STATEMENTS [20-30 MIN] (LO5 ) Click a Pix Photography works weddings and prom-type parties. The balance of the Adams, capital account was $26000 at 30 June 2020. At 30 June 2021, the business's accounting records show these balances: Requirements Prepare the following financial statements for Click a Pix Photography for the year ended 30 June 2021: a. Income statement. b. Statement of changes in equityStep by Step Solution
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