Questions from General Accounting

Q: Find the University of NSW (UNSW) asset revaluation policy on

Find the University of NSW (UNSW) asset revaluation policy on the internet. Summarise the measurement of UNSW’s various asset classes. Discuss the advantages and disadvantages of the revaluation and c...

Q: You have a friend who is considering purchasing shares in Meridian Ltd

You have a friend who is considering purchasing shares in Meridian Ltd. The shares are currently trading on the securities exchange at $3.58 each. The entity’s financial statements suggest that its ne...

Q: In calculating the provision for employee benefits, JB Hi-Fi

In calculating the provision for employee benefits, JB Hi-Fi Ltd includes the value attributable to employee long service leave entitlements. Explain how these entitlements differ from annual leave an...

Q: Seek Ltd discloses areas involving critical accounting estimates and assumptions in the

Seek Ltd discloses areas involving critical accounting estimates and assumptions in the relevant notes to its financial statements. Locate the most recent annual report for Seek Ltd and identify the a...

Q: Golden Pineapples Pty Ltd had the following assets and liabilities at financial

Golden Pineapples Pty Ltd had the following assets and liabilities at financial year end in 2019 and 2020. Required (a) What is the balance of retained earnings as at the end of the two financial yea...

Q: As an investor in the share market, you use the financial

As an investor in the share market, you use the financial statements to assess the financial condition of entities. Discuss whether you would find it more useful to have items of PPE valued at histori...

Q: Select an Australian Securities Exchange (ASX) listed company and visit

Select an Australian Securities Exchange (ASX) listed company and visit its website to access the latest annual report. From the company’s statement of financial position, identify the: (a) Company’s...

Q: The following table shows the balance of an entity’s trade receivables for

The following table shows the balance of an entity’s trade receivables for each of the past four years. As the table indicates, the trade receivables have increased in absolute valu...

Q: Flight Centre Ltd’s 2017 financial report notes that PPE is carried at

Flight Centre Ltd’s 2017 financial report notes that PPE is carried at cost less accumulated depreciation and any impairment charges. The notes to the accounts (pp. 48 and 81) note a gain on the sale...

Q: Using the company that you selected in question 5.38,

Using the company that you selected in question 5.38, read the independent auditor’s report. Given the estimations and assumptions involved in preparing financial statements, discuss what the auditor’...