Question 2 (this question has 2 parts) (4 + 4 = 8 marks) a) Explain how...

 

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Question 2 (this question has 2 parts) (4 + 4 = 8 marks) a) Explain how the matching principle and the accounting period assumption relate to the operation of accrual accounting. (4 marks) b) FBI provided the following data from its accounting system: Sales (including GST) Stock purchases (including GST) Equipment purchased (including GST) PAYG Withheld Milk and bread purchased for staff lunches 206 800 118 800 16 500 4 620 49.50 Calculate the GST Collected, the GST Paid and the amount payable or refundable to or from the Australian Taxation Office. (4 marks) Question 2 (this question has 2 parts) (4 + 4 = 8 marks) a) Explain how the matching principle and the accounting period assumption relate to the operation of accrual accounting. (4 marks) b) FBI provided the following data from its accounting system: Sales (including GST) Stock purchases (including GST) Equipment purchased (including GST) PAYG Withheld Milk and bread purchased for staff lunches 206 800 118 800 16 500 4 620 49.50 Calculate the GST Collected, the GST Paid and the amount payable or refundable to or from the Australian Taxation Office. (4 marks)

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