Questions from General Accounting

Q: What are the benefits of professional association membership for accounting graduates?

What are the benefits of professional association membership for accounting graduates?

Q: Discuss whether an accountant should take on an appointment outside their area

Discuss whether an accountant should take on an appointment outside their area of expertise.

Q: Compare and contrast the roles of the Financial Reporting Council (FRC

Compare and contrast the roles of the Financial Reporting Council (FRC) and the Australian Securities Exchange (ASX).

Q: Illustrate with an example how sole traders and partners are taxed in

Illustrate with an example how sole traders and partners are taxed in Australia. What are the advantages and disadvantages compared to paying company tax?

Q: It is important that partners draw up a partnership agreement. What

It is important that partners draw up a partnership agreement. What details should be specified in this agreement?

Q: Differentiate between financial and management accounting. Give an example of how

Differentiate between financial and management accounting. Give an example of how a management accounting report would be incorporated into financial accounting reports.

Q: Go to the ATO website (www.ato.gov.

Go to the ATO website (www.ato.gov.au) and provide a definition for each of the following. (a) Pay as you go (PAYG) (b) Capital gains tax (CGT) (c) Goods and services tax (GST) (d) Tax file number (TF...

Q: Differential reporting is applicable to which entities? Name four areas where

Differential reporting is applicable to which entities? Name four areas where the reduced disclosure requirements apply.

Q: What are the major differences in equity funding between a partnership and

What are the major differences in equity funding between a partnership and a public company?

Q: What do the following terms mean? (a) Unlimited

What do the following terms mean? (a) Unlimited liability (b) Mutual agency (c) Dividend (d) Preference shares (e) Unit trust