What will determine how often you generate reports

Assignment Help Financial Accounting

Reference no: EM132393957

Assessment - Written Assessment

Question 1

Prepare an accounting policy on processing of financial transactions for newly established business. Discuss the policy in details for the following topics:

i) Scope of the policy

ii) Responsibilities

iii) Chart of accounts and general ledgers

iv) Accounting conventions including accounting standards

v) Bank Accounts and reconciliation

vi) Depreciation methods

vii) Valuation of assets

viii) Financial reports

ix) Consolidation procedures for subsidiaries

Question 2

ABC Pty Ltd is newly set up retail business and asks you to create a standard chart of accounts considering the 5 categories of financial transactions i.e. Assets, Liabilities, Equity, Income and Expenditure. Use this chart of accounts to input transactions into any accounting software e.g. MYOB. Take a screen shot and attach with your Assessment as an evidence.

Your Chart of ABC Pty Ltd is newly set up retail business and asks you to create a standard chart of accounts considering the 5 categories of financial transactions i.e. Assets, Liabilities, Equity, Income and Expenditure. Use this chart of accounts to input transactions into any accounting software e.g. MYOB. Take a screen shot and attach with your Assessment as an evidence. Your Chart of Accounts must reflect systematic Coding and Classification under the Policy and procedures of ABC Pty Ltd.

Question 3

The XYZ Company Ltd was registered on 2 January 200A. The company immediately offered 4,000,000 ordinary shares for public subscription at a price of $2.00 each on the following instalment basis:

i) 60¢ per share on application (by 31 January)

ii) 60¢ per share on allotment (payable by 15 February)

iii) 40¢ per share on Call No. 1 (called on 3 March, due and collected on 17 March)

iv) 40¢ per share on Call No. 2 (called on 1 April, due and collected on 15 April). Applications were received for 4,000,000 ordinary shares by 15 January and the directors allotted the 4,000,000 ordinary shares on 31 January 200A. All calls were fully paid.

You are required to prepare:

a) The relevant journal entries (cash receipts entries may be entered in the general journal).

b) A Balance Sheet as at 30 April 200A. The Statement of Financial Position should be appropriately headed.

Question 4

Briefly explain the difference between tax payable method and tax effect accounting method and state why the tax effect method is adopted under Australian Accounting Standards.

Question 5

Describe the financial industry and provide examples financial institutions. Explain the ethical principles, behavior and codes of practice in financial services industry.

Question 6

Describe the information which will be contained in typical financial reports.

Question 7

Describe the following terms:

a. Types of Budgets including Zero based budgeting

b. Cash flows.

c. Profit and loss statements

d. Balance Sheet

Question 8

What will determine how often you generate reports?

Question 9

What would influence your decision to use cash accounting or accrual accounting?

Question 10

What are the possible consequences of taxpayers failing to correctly report an amount they are required to pay or meet other tax obligations?

Question 11

Determine and write a brief statement on the following accounting standards.

i. AASB 3 - Business combinations

ii. AASB 101- Presentation of financial statement

iii. AASB 107 - Cash flow statements

iv. AASB 1040- Statement of financial position:

v. AASB 112 - Income taxes:

vi. AASB 118 - Revenue:

Question 12

Chose any of the following topics for your presentation in the class:

i) Conversion of private company into public company

ii) Consolidation of company

iii) Share capital issue

Present the above in power point slides including charts and diagrams (minimum slides 10)

Reference no: EM132393957

Questions Cloud

What are some other markets : What are some other markets that could benefit from collaborative consumption? What might hinder these new markets from being profitable?

Build strong nonverbal and emotional intelligence : Most of us use cell phones and email for communication. Are we missing opportunities to build strong nonverbal and emotional intelligence skills

Discuss specific ways to implement a local diet : Apply personal and professional decisions based upon an understanding of environmental risks. Discuss specific ways to implement a local diet.

Discuss the threats and vulnerabilities to access control : Discuss the threats and vulnerabilities to Access Control and how a company can prevent both.

What will determine how often you generate reports : Describe the financial industry and provide examples financial institutions. Explain the ethical principles, behavior and codes of practice in financial service

What is the question of the paper : Submit a report that describes: What is the question of the paper? What tests and regressions the paper reports to convince its identification is valid

How would you use regular expressions in data visualizations : What are regular expressions? Why are regular expressions useful? How would you use regular expressions in data visualizations?

Analyze the impact of contaminants in the environment : Analyze the impact of contaminants in the environment to human health. Examine the impact of personal choice on environmental health.

E-Government Strategic Planning and Renewable Energy Policy : E-Government Strategic Planning in Afghanistan. Renewable Energy Policy for Kosice, Slovakia. Understanding Child Health Outcomes in New Zealand.

User Account

All Pages