Questions from General Accounting

Q: Outline the importance of strategic planning.

Outline the importance of strategic planning.

Q: Describe the users who would be interested in the financial position and

Describe the users who would be interested in the financial position and performance of an entity and explain their interest.

Q: Explain whether the following statements are true or false for an entity

Explain whether the following statements are true or false for an entity using the accrual method of accounting. (a) Statements of profit or loss are used only by users external to the entity. (b) Rev...

Q: Consider each of the following transactions and examine whether they satisfy the

Consider each of the following transactions and examine whether they satisfy the income definition criteria using the accrual method of accounting. (a) Received cash for services to be provided in the...

Q: Consider each of the following transactions and examine whether they satisfy the

Consider each of the following transactions and examine whether they satisfy the expense definition criteria under the accrual method of accounting. (a) Paid salaries owing from the previous reporting...

Q: (a) Classify the following as either accounting policy choices or

(a) Classify the following as either accounting policy choices or accounting estimations. (i) Impairment of assets. (ii) Employee benefits (long service leave). (iii) First in, first out (FIFO) method...

Q: Solve the missing items for each independent case. The cost of

Solve the missing items for each independent case. The cost of sales is 60 per cent of sales revenue for each case.

Q: JB Hi-Fi Ltd’s 2018 annual report includes governance, environmental

JB Hi-Fi Ltd’s 2018 annual report includes governance, environmental and social statements, and notes that the company recognises the importance of all these matters to its shareholders, suppliers and...

Q: Coconut Plantations Pty Ltd purchased machinery for its manufacturing process on 1

Coconut Plantations Pty Ltd purchased machinery for its manufacturing process on 1 March 2019. The machinery cost $900 000. Coconut Plantations Pty Ltd estimates that the machinery has a useful life o...

Q: Using the information relating to Coconut Plantations Pty Ltd in 6.

Using the information relating to Coconut Plantations Pty Ltd in 6.20, recalculate the depreciation expense to be recorded in the statement of profit or loss for the year in which the machine was purc...