Question 7. Explain the purposes and function of employee records.

Question 8. List and briefly describe 5 valuation and measurement methods according to the AASB

Framework: The Framework for the Preparation and Presentation of Financial Statements.

Question 9. List and briefly describe 2 common methods of depreciation.

Question 10. Who is responsible for establishing values and ethics within a company?

Question 11. Describe 2 control activities a small business (e.g., a restaurant) can do to make it harder for a cashier to steal from the business and hide the theft

Question 12. Read Topic 3 "Statutory and Compliance Requirements" on the APC Workbook, according to Corporations Act, what are the statutory requirements for a Proprietary Company with a consolidated revenue greater than $25 million and consolidated gross assets greater than $12.5 million? In your answers, the following points need to be covered:

a. Does the company need to prepare financial reports?

b. Does the company need to have its financial reports audited? If yes, who can be the auditor, internal or external?

c. What are the audit and review requirements?

d. Does the company need to submit their financial reports? If yes, to whom and by when?