Questions from General Accounting

Q: (a) Discuss the difference in the role of the journal

(a) Discuss the difference in the role of the journal and the ledger in capturing accounting information efficiently and effectively. (b) Outline the entity concept and how it impacts on the recording...

Q: (a) Explain the advantages and disadvantages of the sole trader

(a) Explain the advantages and disadvantages of the sole trader form of business structure compared to the partnership form of business structure. (b) Summarise the differences between a service and a...

Q: Jackie Smith is considering purchasing a sushi bar in the inner Melbourne

Jackie Smith is considering purchasing a sushi bar in the inner Melbourne suburb of Albert Park. Outline the importance of a business plan for Jackie and the type of accounting information she will re...

Q: What is stakeholder theory and how is it related to corporate governance

What is stakeholder theory and how is it related to corporate governance?

Q: What are the challenges associated with digital disruption for accountants?

What are the challenges associated with digital disruption for accountants?

Q: What is the difference between the revised Conceptual Framework’s fundamental qualitative characteristics

What is the difference between the revised Conceptual Framework’s fundamental qualitative characteristics of relevance and faithful representation? Can you think of any trade-offs between relevance an...

Q: Imagine that you are a manager in a large entity and need

Imagine that you are a manager in a large entity and need to make a recommendation to the CEO on which tender to accept. The job being put out to tender by the entity is worth millions of dollars and...

Q: How can the professional accounting bodies assist in standard setting?

How can the professional accounting bodies assist in standard setting?

Q: Describe the major purpose of the ASX. What types of information

Describe the major purpose of the ASX. What types of information does it provide for a novice investor?

Q: What are the four key responsibilities of business? Do you think

What are the four key responsibilities of business? Do you think an entity should consider discretionary responsibilities? Why or why not?