Questions from General Accounting

Q: What is the impact of the qualitative characteristic of ‘materiality’ on

What is the impact of the qualitative characteristic of ‘materiality’ on the preparation of the financial statements?

Q: In your own words, explain the advantage of comparability and transparency

In your own words, explain the advantage of comparability and transparency of financial information due to the adoption of IFRS.

Q: Ping and Juno decide to form a partnership on 30 June 2020

Ping and Juno decide to form a partnership on 30 June 2020. They secure the services of Timothy Legal to draw up their partnership agreement as follows. 1. Ping is to contribute: • His car, the fair v...

Q: Give some examples of each of Carroll’s four key responsibilities of business

Give some examples of each of Carroll’s four key responsibilities of business. Have any of these changed from one responsibility grouping to another over the last decade?

Q: Explain: (a) Triple bottom line reporting (

Explain: (a) Triple bottom line reporting (b) Corporate governance (c) The relationship of stakeholders to corporate governance.

Q: Outline the corporate governance principles and recommendations.

Outline the corporate governance principles and recommendations.

Q: Outline the legal duties that directors have to their company.

Outline the legal duties that directors have to their company.

Q: Compare and contrast the professional code of ethics for individuals and the

Compare and contrast the professional code of ethics for individuals and the guidelines for corporations.

Q: What is the difference between business ethics and social and environmental responsibility

What is the difference between business ethics and social and environmental responsibility?

Q: There are at least 60 Australian Accounting Standards. Go to the

There are at least 60 Australian Accounting Standards. Go to the AASB website at www.aasb.gov.au and choose one. (Hint: Go to ‘Quick Links’ and select ‘Table of Standards’.) One of the recent accounti...