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accounting 28th edition

Questions and Answers of Accounting 28th Edition

Rotterdam Financial Services Pty Ltd, managed by Saphira Browne, provides accounting, taxation and financial planning services to clients residing in the inner Melbourne area. The balance sheet for
Explain what is meant by an ‘arm’s length business transaction’ when a business buys accounting software on credit.
What is the purpose of a statement of profit or loss for an entity? List typical items that you would see in the statement of profit or loss for a florist.
The following transactions were taken from the records of Anthony Reader, an interior designer, for the month ending 31 May 2017. You are required to design a suitable accounting worksheet for the
Can errors still exist in the trial balance if the sum of the debit and credit columns equals the same amount? If so, provide an example.
From the following business transactions of Kathy Baker (landscape consultant):a. state the impact on the accounting equation for each transaction. For example:b. prepare a worksheet and a balance
The following business transactions and business events relate to Danielle Chan’s Business Consultancy Pty Ltd.Requireda. Prepare a worksheet for the business transactions for June.b. Enter these
Advantage Tennis Coaching, a business owned by sole trader Nicholas Cash, had the following assets and liabilities as at the financial years ended 30 June 2016 and 30 June 2017 as shown.Requireda.
Cash sales of $2079 have caused the worksheet to be out of balance because a mistake was made when the figures were put into the worksheet. The bookkeeper accidentally increased the cash account by
From the following account balances of Cloudy as at 30 June 2016, prepare a balance sheet in both the T-format and the narrative classified format. Cash at bank Accounts receivable
From the following account balances of Graduant as at 31 December 2016, prepare a balance sheet in both the T-format and the narrative classified format. Cash at bank Accounts receivable
Choose appropriate account names and demonstrate the dual effect that occurs when the following business transactions take place. For example, in (a) we would increase cash $14 000 and increase
Solve for the missing financial numbers as they would appear on the balance sheet. Current assets $ 35000 d. 159 000 j. 46941 Non- current assets $46 000 84 000 g. 24 000 m. Total assets a. e. $295
Go to National Australia Bank (NAB) website at www.nab.com.au and download the latest annual report.RequiredUse these statements to answer the following questionsa. What is the total value of each of
Go to the Australian Taxation Office website, www.ato.gov.au, and click on the ‘Businesses’ tab. Then click on ‘Starting your own business’. Next, click on ‘Record keeping and on-line
JB Hi-Fi Ltd has a legal obligation to prepare and lodge financial statements. Access the notes to JB Hi-Fi Ltd’s most recent financial statements and identify the rules and regulations that govern
A friend who owns a small entity trading as Jobs Galore knows that you are studying accounting, and has asked if you would prepare the entity’s classified balance sheet in narrative format as at 30
Coconut Plantations Pty Limited had the following assets and liabilities at financial year end.Requireda. What is the balance of retained earnings as at the end of the two financial years?b. If the
Virgin Australia has been ranked amongst the top six airlines of global carriers when it comes to the availability of frequent flyer reward seats based on the sixth annual Switchfly Reward Seat
Entities spend millions of dollars on marketing and advertising intended to promote and build brands, develop customers and sell services or products. Consider a new hotel being launched. Extensive
One of Google’s largest acquisitions was Motorola Mobility for $12.5 billion in 2011. Google subsequently sold Motorola to Chinese giant PC producer Lenovo for $2.9 billion.RequiredExplain how
Using the Conceptual Framework definition and recognition criteria, discuss if each of the following items can be recorded as assets:a. Trade receivablesb. Investments in sharesc. Inventoryd.
The accountant of the private secondary college, St Lucia, is preparing the school’s financial statements. Discuss the justification for the school preparing special purpose financial statements
On 8 November 2011, the Australian Senate passed the ‘carbon tax legislation’ in relation to the government’s clean energy proposal, including a mechanism for pricing carbon. The legislation
Find the University of NSW’s (UNSW) asset revaluation policy on the internet. Summarise the measurement of UNSW’s various asset classes. Discuss the advantages and disadvantages of the
Read the following extract from the 2015 Preliminary annual report of Seek Ltd.Critical accounting policiesThe preparation of financial statements requires the use of certain critical accounting
Australian Agricultural Company Limited was formed with a grant of one million acres and the stated aim of cultivating and improving the wastelands of the colony of New South Wales. Today the company
Microsoft is going to struggle to raise the US$8.5 billion it agreed to pay for Skype, the internet communications company, this week — but the deal is likely to be important in its pursuit of key
The following information was obtained from the financial records of Bulmer Ltd for the year ended 30 June 2015. Prepare the statement of profit or loss for the year ended 30 June 2015. Retained
EY’s analysis of the accounts of 16 European utilities reveals that almost €17.7 billion (US$23.4 billion) was written off balance sheets between 2010 and 2011. A large proportion (58 per cent)
Discuss the difference between profit or loss and comprehensive income.
Explain the three methods of depreciation.
The statement of profit or loss for JB Hi-Fi Ltd for the financial year ended 30 June 2015 was provided in figure 6.2. It reports that JB Hi-Fi Ltd has increased its gross profit from $756.0 million
Discuss the importance of showing profit or loss from continued operations separately from the profit or loss from discontinued operations.
Describe the items that are likely to be present in a statement of changes in equity.
Explain the difference between income and revenue.
A list of account balances for Mr Zheng’s business (Futronics) at the end of the 30 June 2017 reporting period is shown below. Prepare the statement of profit or loss for the reporting period, and
Explain the difference between profit or loss, gross profit and EBIT.
You are the assistant accountant at Coconut Plantations Pty Ltd, and you have prepared the following statement of profit or loss for the year ended 31 December 2018.Additional information• The
a. Classify the following as either accounting policy choices or accounting estimations.i. Impairment of assetsii. Employee benefits (long service leave)iii. FIFO method of costing inventoryiv.
Racey has prepared a statement of profit or loss for the 12 month reporting period ended 30 June on a cash basis, showing a $43200 profit. The cash-based statement shows the following.Additional
a. Compare the adjustments necessary on the accounts (income or expense only) of Julie Durkin to reflect (1) a cash-based and (2) an accrual-based accounting system (assume the accounting period is
The accountant at AppsGalore, a technology business, has determined that the following adjustments should be made in the entity’s accounts for the year ended 30 June using an accrual based
Jessica Windmere had prepared the financial statements for her business, a sole proprietorship, to take to her accountant. Unfortunately, she has misplaced the statement of profit or loss. Her
Myer shares slumped when the department store posted a 23.1 per cent slide in profit for the first half of the 2014/2015 year. Myer’s profit was mostly hit by a 24-basis-point fall in gross profit
Joe Phum operates a wholesale clothing operation called Phum’s Designs. All the sales and purchases of the business are made on credit. The opening and closing balances for accounts receivable,
The following are the revenue recognition policies of Flight Centre Ltd as detailed in the company’s 2014 annual report.Accounting policyThe group recognises revenue when:• The amount of revenue
The cash flows below were extracted from the accounts of Ryan Smith, a music shop owner.RequiredPrepare a statement of cash flows using the direct method. Repayment of loan Sale of property Interest
Samsung Group upholds a belief in shared responsibility — to its people, the planet and the society. Samsung Electronics produces a sustainability report that includes the company’s profiles as
Groupon is a US company with a deal-of-the-day website that features discounted gift certificates usable at local or national companies. Since its formation, it has faced a number of questions
House designs Ltd had a $54000 net loss for 2017. A dividend of $18000 was paid during the year and depreciation expense was $13000. An inspection of the balance sheet showed the following working
Investors assessing the recent reporting season of publicly listed companies will base their opinions of corporate performance largely on a handful of key numbers, all expressed in dollar terms and
The financial information below has been extracted from the accounts of Coconut Plantations Pty Ltd. Jo Geter, the sole shareholder, wants to evaluate the cash position of her company and understands
Outline how a creditor, investor and employee would interpret the statement of cash flows of Coconut Plantations Pty Ltd. Coconut Plantations Pty Ltd Statement of cash flows Cash flows from operating
Which of the following are not disclosed in a statement of cash flows?a. Cash outflows from operating activitiesb. The cash on hand at the beginning of the reporting periodc. The amount of
Fill in the blanks in the following statement by choosing the words from those in the brackets that best complete the statement. Changes in non-current liabilities and equity would usually be
‘We made a profit of $66000, so why is there only $6000 in the bank?’, exclaimed Mr Beattie, the owner of the local fish takeaway store. Explain to Mr Beattie the relationship between profit and
On inspection of the financial statements, you note that sales are $67500, and the beginning and closing accounts receivable balances are $49500 and $63000 respectively. What were the cash receipts
The sole trader of Pentland Store has approached you for a loan. You note that the closing cash balances for the last two years were $10920 and $13650 respectively. Pentland Store also took out a
Camellia Blooms Ltd has cash from operating activities of $59746. It has incurred capital expenditure of $49896, of which $36300 was for additional equipment. Calculate the entity’s free cash flow.
Corporate Catering Ltd’s capital expenditure for the current year of new equipment was $146900. Current liabilities and non-current liabilities were $48590 and $682800 respectively. Sales for the
Presented below is information for Jill Winter, a sole trader, for the year ended 31 December 2017. Use the information to prepare a statement of cash flows. Cash balance, 31 December 2017 Cash paid
Presented below is information for the Hale Partnership for the year ended 31 December 2016. Use the information to prepare a statement of cash flows. Cash balance, 31 December 2016 Cash paid to
Information for Frank and Merle’s Bowling Goods Pty Ltd has been extracted from their financial statements and is presented below.Information relating to the year ended 30 June 2017 is as
Centro Property Group was a company operating in the property development area. Its cash flows from operations and investment are outlined below.Requireda. Examine each line item. Outline what the
Jac and Kev are sole traders who run their own separate businesses providing accounting and bookkeeping services. On 31 December 2016, their individual balance sheets show the following
Presented below are financial statement items for Vegas City (a sole trader) for the period ended 30 September 2017. Determine which items should appear in the statement of profit or loss and which
John and Marylynne agree to form a partnership on 16 September 2017 to supply first-aid kits to motor vehicle dealers. They agree on the following market values given to them by an independent
Shannon, a sole trader operating a small landscaping business, asks you to prepare his balance sheet (showing his equity) for the year ended 30 June 2017; contributed capital $26440; profit $5600;
Provide an example of a company that would produce a general purpose financial statement and a company that would produce a special purpose financial statement. Who are the likely stakeholders of
Refer to the reality check ‘Job prospects’. What are the projections for the accounting profession in the next five years?
Darby Davis is considering purchasing a sushi bar in the inner Brisbane suburb of Paddington. Outline the importance of a business plan for Darby and the type of accounting information she will
The reality check, ‘Why adopt IFRS’, outlines the advantages of adopting IFRS. In your own words, explain the advantage of comparability and transparency of financial information.
How do accounting standards assist large companies?
What is an IFRS and how does it impact on standard setting in Australia?
There are at least 50 Australian Accounting Standards. Go to the AASB website at www.aasb.gov.au and choose one. One of the recent accounting standards is the standard on fair value measurement.
Go to the IFRS Foundation website at www.ifrs.org. Click on the IFRS tab and click on ‘Use around the world’. Comment on the jurisdictions that have adopted IFRS. Which countries are yet to adopt
Go to the CSR website (www.csr.com.au) and locate the segment report in the latest financial statements.a. What do you think is the purpose of the segment report?b. What operating segments does CSR
What is the relationship between the AASB and international standard-setting bodies such as the IASB?
Suggest ways in which suppliers and customers could work together to reduce their overall impact on the environment.
Outline the benefits for organisations in considering business sustainability.
Outline some ways that accountants could contribute to the sustainability efforts of organisations.
List the qualities needed in providing external audit and assurance services to organisations in relation to CSR reports.
What is meant by the term ‘shareholder value’?
Discuss the relevance of legitimacy theory to corporations.
Outline the possible consequences for an entity that breaches its ‘social contract'.
Consider your personal environmental impact by accessing one of the many websites that has a personal ecological footprint calculator. One such website is
A survey conducted by CPA Australia shows that at least one in four small businesses are affected by fraud. Employee fraud was the most common type reported, with 10 per cent of small entities
Choose a local business in your area and make a list of its stakeholders. Are some more important than others? List them in order of priority.
I put it to you that the directors are responsible to the shareholders for profit in perpetuity; and that this general expression of a principle permits, indeed requires, directors to pay full regard
Outline some of the legal constraints in legislating for the consideration of stakeholder interests.
Your client MJM Ltd consults with you in relation to the new financial information system that it wishes to have installed. You are technically competent in this area, and so accept the engagement.
You are a CFO in an organisation that is considering reporting on CSR using the GRI framework.The CEO has asked you to prepare a report for the board supporting such a proposal. In this report you
Underlying the professional code of ethics is an obligation to act in the public interest. Utilitarianism espouses the need to act and make decisions with consequences in mind. Practically, business
Corporate governance relates only to large public enterprises and is therefore irrelevant for small business. Discuss this statement.
Erle Smith is a financial controller with Practical Solutions Ltd, an entity that sells software products to accounting firms and small businesses. At present, Mr Smith is analysing a number of
Download the report Triple bottom line reporting in Australia at www.environment.gov.au/archive/settlements/industry/finance/publications/indicators/pubs/indicators.pdf.This guide puts forward a
Greenspan is that one-in-a-billion [expletive deleted] who made America the dissembling mess it is today . . . laying the intellectual foundations for a generation of orgiastic greed and

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