Reference no: EM132754864

Questions -

Q1. Outline two (2) differences between a Reporting Entity and a Non-Reporting Entity?

Q2. Describe the key features of the Regulatory Guide 85 from the Australian Securities and Investments Commission.

Q3. Describe three different non-reporting entities.

Q4. Outline two key features of a partnership?

Q5. Outline two (2) key features of not-for-profit organisations?

Q6. How does the Australian Tax office define a primary producer?

Q8. How does the classification of a company as a reporting or non-reporting entity have effect on the preparation of financial statements?

Q9. Which Act is the primary piece of regulation that defines the reporting obligations of business entities in Australia, and what body administers It?

Q10. Describe the three basic contents of annual reports as set out in the above Act.

Q11. Which accounting standard describes the requirements of a Cash Flow Statement?

Q12. Which Act established the Goods and Services Tax?

Q13. Under the A New Tax System (Pay As You Go) Act 1999, what obligations does an employer have to their employees regarding their income tax?

Q14. Discuss the tax collection obligations a business has towards a supplier who refuses to quote their ABN under A New Tax System (Pay As You Go) Act 1999.

Q15. What is the difference between a Profit and Loss Statement and a Cash Flow Statement?

Q16. Outline two (2) advantages and disadvantages of using balance sheet as a method of presenting financial data?

Q17. Outline two (2) advantages and disadvantages of using income statement as a method of presenting financial data?

Q18. What is measured by the following ratios?

Q19. What is the main difference between the current ratio and the liquid (or quick) ratio? And outline two advantages and disadvantages of using each method?

Q20. What is the main difference between the gross profit ratio and the liquid (or quick) ratio? Which one is the more accurate measure of a company's profitability, and why?