Question1

1. Describe the principle of 'double entry accounting'.

Question2

1. Describe what the 'accounting entity convention' means?

Question3

1. Describe what the 'accrual principle' means?

Question4

1. Describe what the 'accounting equation' means?

Question5

1. Provide a brief summary of what each of the following legislation acts is designed to achieve:

• Income Tax Assessment Act 1997
• Fringe Benefits Tax Assessment Act 1986
• Superannuation Act 1976
• A New Tax System (Goods and Services Tax) Act 1999

Question6

1. Explain who must register for GST within Australia.

1. The GST rate on goods and services attract GST.

Question7

1. Summarise what information must be provided in a Business Activity Statement (BAS).

Question8

1. Within Australia, how long must an individual or business keep their financial records for?

Question9

1. Identify four types of records that you must keep for tax purposes

Question10

1. According to the Corporations Act 2001, who must be have an annual audit conducted?

Question11

1. Describe what a budget is designed to achieve.

Question12

1. Outline a process that can be used to develop a budget.

Question13

1. Describe what a cash flow statement is?

Question14

1. List three techniques that can be used to improve a business's cash flow.

Question15

1. Describe what a spreadsheet is, and how it can be used to manage financial records.

Question16

1. Identify and explain five principles for managing effective work teams.

Question17

1. Describe what a journal and ledger are used for in accounting?

Question18

1. Describe what each of the following financial statements is used for:

• Balance sheet
• Income statement (Profit & Loss Statement)
• Cash-flow statement

Question19

1. Explain the technique for calculating the 'Cost of Goods Sold' in a Profit & Loss Statement.

Question20

1. Explain the techniques involved in managing the evaluation of budget and financial plans.

Question21

1. Explain the types of budgeting methods:

Question22

1. Outline the company data that is needed to complete Cash Flow Statement. Also outline the key information that a cash flow statement provides and its importance.

Question23

1. Explain the concept of budgetary control and list the five key principles of budgetary control.