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 accounting Type of accounting Description One advantage and one method disadvantage of this method Cash accounting Accrual accounting 3. Explain the two accounting principles on which the calculation and reporting of depreciation is based 4. List three types of budgets 5. List three key features of A New Tax System (GST ) Act 1999 6. Outline the four main taxation and superannuateon obligations for a business. 7 . List three types of records that a company must keep for tax purposes Explain why the ATO conducts audits 9. List three key principles that should be followed when managing a work team . 10. Describe the difference between a static and a flexible budget 11 . Explain the relevance of electronic spreadsheets to budgeting 12. Outline how often business' must report GST