Question: 1. Explain the basic principle of double entry bookkeeping. 2. Describe the principle of cash accounting and one advantage and one disadvantage of this method

1. Explain the basic principle of double entry bookkeeping.

2. Describe the principle of cash accounting and one advantage and one disadvantage of this method of accounting.

3. Describe the principle of accrual accounting and one advantage and one disadvantage of cash accounting

4. Explain the two accounting principles on which the calculation and reporting of deprecation is based.

5. Identify and explain three key features of A New Tax System (GST) Act 1999.

6. Identify and then explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation.

7. According to GST legislation, list four items that do not attract GST.

8. Explain the process by which a business reports GST to the Australian tax office.

9. What is the penalty rate to be applied if a supplier does not provide an ABN?

10. A non-profit organisation needs to register for GST after it has a turnover of more than how much?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Provide answers to all of the questions below. 1. Explain the basic principle of double entry bookkeeping. 2. Describe the principle of cash accounting and one advantage and one disadvantage of this...

Q:

Explain the basic principle of double entry bookkeeping 2. Complete the following table to describe the principles of cash and accrual accounting and an advantage and disadvantage of each method of...

Q:

Ask the answer not to be the answers that can be found on the Internet, you need your own answers, and you cannot repeat the words on the Internet 1.Explain the basic principle of double entry...

Q:

Task 1: Theory Assessment Student Instructions 1. Type all the answers in a word document if required. 2. You can conduct internet research to answer these questions. 3. Provide explanation of 2-3...

Q:

INSTRUCTIONS: Attempt ALL Questions 1. What are some of the shortcomings of teaching accounting only as a skill? 2. Outline the factors that facilitated the emergence of early bookkeeping. 3. What...

Q:

ACC555 FINAL EXAM NAME _______________________________ 1. The 10,000 accounts receivable of DEF Company have a total book value of $120,000. A CPA has selected and audited a sample of 100 accounts...

Q:

Accounting objectives 1. Which financial statement displays the revenues and expenses of a company for a peniod of time? A. Income statement B. Cosh flow statement C. Balance sheet D. Statement of...

Q:

no explanation needed, only correct answeres 6. Resources that are categorized as intangible assets: a) should be physical b) should not be physical c) should be intended for an entity's own use d)...

Q:

Chapter 6 International Trade Theory Why Is Free Trade Beneficial? Free trade - a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from...

Q:

1. Identify and describe financial probity requirements for businesses. 2. Identify four examples of what would be consider fraudulent behaviour in regard to company finances. 3. Identify the...

Q:

Using the five class intervals 100 to 120, 120 to 140, . . . , 180 to 200, devise a frequency distribution based on 70 observations whose histogram could be described as follows: a. symmetric c....

Q:

Is the employer required to deposit the federal unemployment tax during the year? Explain.

Q:

The annual yield on government - lusued bonds in Meuican Pese is 1 5 x . The analvst say that Peso will depreclate by 1 0 % in the following year. If the Ficher Ellect holds, what should be the yield...

Q:

Which of the following steps should companies take to reduce age discrimination? Question 15 options: They should train recruiters to make hiring decisions on the basis of candidates' age. They need...

Q:

13. In the statements below, put a cross for the statement you feel characterizes yourself best when you communicate with others. Its not necessarily the way you know you should communicate, but the...

Q:

8. What values do you want others to associate you with?

Q:

15. Now rank from 1 to 5 the areas that you think are most important to emphasize when communicating with others (1 is least important and 5 is most important to you). If you think it all depends on...