Questions from General Accounting

Q: You have just completed the statement of profit or loss for the

You have just completed the statement of profit or loss for the reporting period. The CEO (who has no accounting background) is reviewing the statement and asks you to explain why the profit is relati...

Q: Categorise each of the following expenses into one of the expense types

Categorise each of the following expenses into one of the expense types listed at the heads of the columns.

Q: In its first year of operation, Harrington Pty Ltd earned $

In its first year of operation, Harrington Pty Ltd earned $150 000 in services revenue, $30 000 of which was on account and still outstanding at the end of the reporting period. The remaining $120 000...

Q: (a) Compare the adjustments necessary on the accounts (income

(a) Compare the adjustments necessary on the accounts (income or expense only) of Peter Burrows to reflect: (1) A cash-based; and (2) An accrual-based accounting system (assume the accounting period i...

Q: The accountant at AppsGalore, a technology business, has determined that

The accountant at AppsGalore, a technology business, has determined that the following adjustments should be made in the entity’s accounts for the year ended 30 June using an accrual-based system. 1....

Q: Myer shares slumped when the department store posted a 23.1

Myer shares slumped when the department store posted a 23.1 per cent slide in profit for the first half of the 2014–15 year. Myer’s profit was mostly hit by a 24-basis-point fall in gross profit margi...

Q: The following information was obtained from the financial records of Broadbeach Ltd

The following information was obtained from the financial records of Broadbeach Ltd for the year ended 30 June 2018. Prepare the statement of profit or loss for the year ended 30 June 2018. …………………………...

Q: A list of account balances for Mr Tanner’s business Robotics at the

A list of account balances for Mr Tanner’s business Robotics at the end of the 30 June 2020 reporting period is shown below. Prepare the statement of profit or loss for the reporting period, and the e...

Q: The consolidated statement of cash flows for CSR Ltd for the year

The consolidated statement of cash flows for CSR Ltd for the year ended 31 March 2018 is presented below. Required (a) What information does the statement of cash flows provide? (b) Outline the two d...

Q: ‘The profit represents the increase in the value of an entity

‘The profit represents the increase in the value of an entity during the reporting period.’ Critically evaluate this statement.