Reference no: EM132652043

QUESTION 1: Explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation.

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?

QUESTION 3: Outline what is defined as a 'company' by the Australian Tax Office. Include the taxation requirements for a company in your response

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?

QUESTION 5: Explain the principle of cash accounting. Include two advantages and two disadvantages of cash accounting in your response

QUESTION 6: Explain the principle of accrual accounting. Include two advantages and two disadvantages of cash accounting in your response.

QUESTION 7: Describe the following terms:

a) Financial accounting

b) Management accounting

c) Accounting standards

d) Financial accounting system

QUESTION 8: What type of entity must have their financial report audited?

QUESTION 9: Explain the purpose of an audit and auditor's report.

QUESTION 10: Explain the concept of financial probity. In your response, outline the principles that underpin ethics and probity.

QUESTION 11: Provide four examples of what would be considered fraudulent behaviour in regard to company finances.

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