Questions from General Accounting

Q: You are the assistant accountant at Sunshine Plantations Pty Ltd and have

You are the assistant accountant at Sunshine Plantations Pty Ltd and have prepared the following statement of profit or loss for the year ended 31 December 2021. SUNSHINE PLANTATIONS PTY LTD Statement...

Q: The statement of profit or loss for JB Hi-Fi Ltd

The statement of profit or loss for JB Hi-Fi Ltd for the financial year ended 30 June 2018 was provided in figure 6.2. It reports that JB Hi-Fi Ltd increased its gross profit from $1230.5 million in 2...

Q: Beatrice has prepared a statement of profit or loss for the 12

Beatrice has prepared a statement of profit or loss for the 12-month reporting period ended 30 June on a cash basis, showing a $64 800 profit. The cash-based statement shows the following. Sales ……………...

Q: The following are the revenue recognition policies of Flight Centre Travel (

The following are the revenue recognition policies of Flight Centre Travel (FLT) Group as detailed in the company’s 2017 annual report (pp. 47, 103–104). Accounting policy The group recognises revenue...

Q: On 31 December 2018, Narvey Horman sold whitegood appliances to a

On 31 December 2018, Narvey Horman sold whitegood appliances to a customer for $8000. The customer paid cash for the whitegoods. Narvey Horman includes a three-year warranty service with the sale of a...

Q: Generate the adjustments needed to the income, expense, asset and

Generate the adjustments needed to the income, expense, asset and/or liability accounts for Board Games Pty Ltd to reflect the following transactions in the entity’s financial statements for the 12-mo...

Q: Jacinta Williams had prepared the financial statements for her business, a

Jacinta Williams had prepared the financial statements for her business, a sole proprietorship, to take to her accountant. Unfortunately, she has misplaced the statement of profit or loss. Her account...

Q: Note 1(d) of JB Hi-Fi Ltd’s 2018

Note 1(d) of JB Hi-Fi Ltd’s 2018 (p. 60) notes to the financial statements states: Estimates and judgements used in the preparation of these financial statements are continually evaluated and are base...

Q: Locate the most recent annual financial statements for Samsung Group from its

Locate the most recent annual financial statements for Samsung Group from its website. Examine the information in the report and answer the following questions about Samsung Group’s statement of chang...

Q: Commentary in Decore Ltd’s yearly summary FY18 notes: Our net

Commentary in Decore Ltd’s yearly summary FY18 notes: Our net profit remained the same as in FY17, the main reason being the contribution we made to our co-worker loyalty program, Gi...