Prepare financial reports for corporate entities

Question:1 List and describe 4 principles of corporate governance

2 Describe the following accounting principles

Doctrine of Consistency

Doctrine of Disclosure

Doctrine of Materiality

Doctrine of Conservatism

3 What does it mean to state that ethical behaviour includes being objective and independent?

4 What constitutes conflict of interest?

5 Explain the term 'Confidentiality'. What legislation covers this?

6 Describe the key components and advantages of an integrated computerised accounting system

7 What is the difference between cash and accrual accounting?

8 What is the difference between single and double entry accounting?

9 Explain the difference between cash and accrual reporting for a business

10 Answer the following questions in relation to the simplified depreciation rules that relate to small business entities

-What accessing this concession means

-What not accessing this concession means

-How do you access this concession?

11 Answer the following questions in relation to the immediate deduction for certain prepaid expenses rules that relate to small business entities

-What accessing this concession means

-What not accessing this concession means

-How do you access this concession?

12 What us the annual depreciation expense using straight-line depreciation, of a vehicle that depreciates over 5 years, was purchased at $17000, and will have a salvage value of $2000 - Students must show their working.

14 What items should be included in the W1 label at the PAYG tax withheld section of you BAS statement?

15 Describe 8 tips you would give someone when who is presenting financial data to their employer for the first time.

16 Explain the best purpose for each chart listed below

Line Charts

Bar Charts

Pie Charts

17 Outline at least 1 reporting / payment obligation a company has for each month of the year.

Month Reporting Obligation

January

February

March

April

May

June

July

August

September

October

November

December

18 Provide an overview of a company's legal requirements relating to each of the following delegated authorities? Please note that this question is not asking about the legislation, but about a company's responsibilities in relation to communication and reporting.

Australian Taxation Office

State Revenue Office

State Work Cover Authority

ASIC

19 Provide a brief explanation of the following taxation laws

Wine equalisation tax

Luxury car tax

Fuel tax

20 Describe the steps that are in most company budgeting procedures