Explain the principle of cash accounting

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Reference no: EM133042616

Question 1. Explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation (70 words for each).

Question 2. Answer the following questions relating to GST in Australia:
a) When does a business/enterprise and non-profit organisations have to register for GST?
b) When do you need a tax invoice to claim a GST credit?
c) What eight details must be identifiable on a tax invoice for sales over $1,000?
d) What accounting method would a small business with an aggregated turnover of less than $2 million use to account their GST?
(75 words each).

Question 3. Outline what is defined as a 'company' by the Australian Tax Office. Include the taxation requirements for a company in your response (310 words).

Question 4. Answer the following questions relating to Pay-as-you-go (PAYG) in Australia:
a) Explain the difference between PAYG withholding and PAYG Income Tax Instalments.
b) If you make payments subject to withholding, what are the five things the Australian Tax Office requires a business owner to do?
(110 words each).

Question 5. Explain the principle of cash accounting. Include two advantages and two disadvantages of cash accounting in your response (160 words).

Question 6. Explain the principle of accrual accounting. Include two advantages and two disadvantages of cash accounting in your response (120 words).

Question 7. Describe the following terms:
a) Financial accounting
b) Management accounting
c) Accounting standards
d) Financial accounting system
(110 words each).

Question 8. What type of entity must have their financial report audited? (70 words).

Question 9. Explain the purpose of an audit and auditor's report (120 words).

Question 10. Explain the concept of financial probity. In your response, outline the principles that underpin ethics and probity (120 words).

Question 11. Provide four examples of what would be considered fraudulent behaviour in regard to company finances (120 words).

Question 12. Discuss the difference between Generally Accepted Accounting Principles (GAAP) and the International Accounting Standards and why there was a need for harmonisation (320 words).

Attachment:- Finance report template.rar

Reference no: EM133042616

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